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Yes Securities Report
Housing Development Finance Corporation Ltd. delivered a 3-4% net interest income/pre-provision operating profit beat on the back of-
stronger-than-expected assets under management growth (individual growth in-line but non-individual segment witnessed growth revival) and
7% QoQ NII growth which was aided by cost of funds reduction and loan spread improvement of 15 basis points in non-individual segment due to rate hikes in recent months.
G-secs held by HDFC are currently near Rs 400 billion, enough to meet FY23 liquidity coverage ratio requirements. Asset quality performance was strong too with 10% abs. reduction in stage-II and III combined and the buckets shrunk by 110 bps QoQ to 6.7%.
Collection efficiency in individual segment on a cumulative basis was at 99% plus in Q4 FY22 (98.9% in Q3 FY22) and there was a recovery of a large non-individual restructured account which reduced the one time restructuring book to Rs 45.7 billion, 0.8% of loans.
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