BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
HDFC Ltd.’s core operating profits grew 5% YoY to Rs 31.7 billion (5% beat).
Net interest income grew 10% YoY to Rs 33.4 billion (3% beat), helped by 12% YoY asset under management growth to Rs 5.3 trillion.
Net interest margins declined 20 basis point QoQ (30 basis point YoY) to 3.1% due to the impact of Rs 1.8 billion negative carry on excess liquidity of Rs 308 billion.
Gross non-performing asset (GNPA) percentage improved 12 basis point QoQ to 1.87%, aided by marginal reduction in corporate non-performing asset and healthy approximately 3% QoQ loan growth.
Retail GNPAs were stable at 92 basis point QoQ. The profit from the stake sale in HDFC Standard Life Insurance Company Ltd. of Rs 12.4 billion was effectively used to increase provisions, which rose 20 basis point QoQ to 2.64% of loans.
Overall/Individual moratorium stood at 22.4%/16.6% in Moratorium 2.0 (versus 27%/22.6% in Moratorium 1.0).
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