HDFC Bank’s Robust Performance Continues In Q3, Says Axis Securities
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Axis Securities Report
HDFC Bank Ltd. reported better than expected Q3 FY21 earnings performance largely led by improved net interest margins, higher non-interest income and stable proforma asset quality.
Net interest income was up 15.1/3.4% YoY/QoQ to Rs 1,63,176 million led by steady loan growth of 16% and improved NIM of 4.2%.
Deposit franchise remained strong, up 19% YoY with current account savings account ratio at 43%.
Retail deposits form 80% of total outstanding deposits and form100% of incremental deposits. Fee income was up 9.9/26.3% YoY/QoQ.
Pre-provision operating profit was up 17.3/9.9% YoY/QoQ to Rs 1,51,860 million with improved C-I of 36.1% (though normalised levels expected at approximately 38-39% in the near-term).
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