BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
IDBI Capital Report
HDFC Bank Ltd.’s asset quality remains stable as gross non-performing asset stood at 1.23% versus 1.28% QoQ led by lower slippages.
Annualised slippage ratio declined to 1.5% versus 2.0% QoQ. Credit growth remain robust at 23.4% YoY versus 21.6% (Q1 FY23) led by corporate and commercial banking segments.
Restructured assets declined to 0.5% of advances versus 0.8% (QoQ) led by recoveries and write offs. Deposits growth remains strong at 19% YoY.
HDFC Bank's net interest income grew by 8% QoQ led by improvement in net interest margins. Pre provision operating profit grew by 13% QoQ backed by 19% QoQ growth in other income; fee income grew by 8% QoQ.
Provisions remain flat (up 1.6% QoQ) resulted into credit cost at 0.9% versus 0.9% in Q1 FY23. Thus, profit after tax grew by 15% QoQ.
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