HDFC Q4 Review - Ahead Of The Curve; Poised For Re-Rating: Prabhudas Lilladher
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Prabhudas Lilladher Report
Housing Development Finance Corp. continues to maintain healthy steady-state performance led by:
Gross non-performing asset restricted less than 2% at 1.98% (versus our estimate: 2.1%).
Negligible restructured book at 0.8%.
Quarter-on-quarter marginal decline in stage-II at 6.3%.
Provision coverage ratio maintained at high order of 50% plus.
Prepayments hovering at ~10% levels since two years.
Write-offs limited to 0.3% of loans.
Collections healthy at 98% for individual loans.
Sustenance of pricing power with net interest margins at 3.5%, spreads: 2.3%.
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