HDFC Annual Report Analysis - Consolidating Leadership Position: ICICI Securities
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ICICI Securities Report
Housing Development Finance Corporation Ltd.’s FY21 annual report is themed around ‘finding calm in the chaos’, reflected in its improving market positioning, with capital buffer and efficiency, funding cost benefit and contained stress (stage-II/III pool at 8.7%) even during challenging times.
Few specific insights gauged from annual report include:
1. customer profile for incremental disbursements 78% salaried, 55% first-purchase homes, 8% rural housing;
2. pre-payments on lease rental discounting of 7% and retail loans of 10%;
3. slippage run-rate at mere 1.2% thereby, capping stage-III assets at 2.3%;
4. on stress pool (stage-II/III) of 24%/3% in non-individual/individual segments, the bank is carrying provisions of 8.16%/0.65%; and
5. regulatory clarity sought to minimise potential conflicts on few regulations.
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