HDFC Q1 Review - Steady Operations; Business To Pick Up From Here On: ICICI Direct
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ICICI Direct Report
Housing Development Finance Corporation Ltd. posted a healthy operational performance with net interest income growth of 22% YoY to Rs 4146 crore, driven by 3.7% margin expansion, up ~20 basis points QoQ, ~60 bps YoY.
Other income came in at Rs 995 crore, down 45% YoY, owing to higher profit from sale of investment in Q1 FY21.
Excluding this, other income has increased ~29% YoY.
Opex came in higher at Rs 550 crore, due to stock option related expense.
HDFC has made provisions worth Rs 686 crore during the quarter including Covid-19 provisions, taking cumulative Covid related buffer to Rs 1017 crore.
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