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HDFC Q1 Review – Net Interest Margin Compression Transitory, Expect It To Recover: Motilal Oswal


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Housing Development Finance Corporation Ltd. reported a profit after tax of Rs 36.7 billion in Q1 FY23 (8% miss), up 22% YoY. It reported a net interest margin compression of ~10 basis points YoY and 30 bps QoQ at 3.4%. Credit costs rose ~7 bps QoQ to ~36 bps.

Disbursements in the Individual segment grew 66% YoY to ~Rs 420 billion. Individual/total assets under management rose 20%/17% YoY. The management guided at a strong pipeline in non-individual segment, which will translate into healthy AUM growth.

With the merger announced, taking a view in isolation is difficult, but we feel that HDFC continues to have a strong ‘Right to Win’ in its standalone mortgage business.

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