Motilal Oswal: HDFC Delivers Healthy Operating Performance; Upgrade Estimate By 2-4%

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)..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Motilal Oswal: HDFC Delivers Healthy Operating Performance; Upgrade Estimate By 2-4%

Motilal Oswal: HDFC Delivers Healthy Operating Performance; Upgrade Estimate By 2-4%

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