*HDFC Bank Ltd.* | *CMP* Rs. 1176 | *M Cap* Rs. 647346 Cr | *52 W H/L* 1306/739
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Net Interest Income came at Rs. 15776.4 Cr vs expectation of Rs. 15741 Cr, YoY Rs. 13515 Cr, QoQ Rs. 15665.4 Cr
Non Interest Income came at Rs. 6092.5 Cr vs expectation of Rs. 5151.3 Cr, YoY Rs. 5588.7 Cr, QoQ Rs. 4075.3 Cr
PBP came at Rs. 13813.8 Cr vs expectation of Rs. 13165 Cr, YoY Rs. 11698.1 Cr, QoQ Rs. 12829.3 Cr
Provisions came at Rs. 3703.5 Cr vs expectation of Rs. 4183.6 Cr, YoY Rs. 2700.7 Cr, QoQ Rs. 3891.5 Cr
Provisions comprise of specific provisions of Rs. 1241 Cr and general cum contigent provisions of Rs. 2463 Cr
Adj. PAT came at Rs. 7513.1 Cr vs expectation of Rs. 6941 Cr, YoY Rs. 6345 Cr, QoQ Rs. 6658.6 Cr
Gross NPA came at Rs. 11304.6 Cr vs QoQ Rs. 13773.5 Cr at 1.08% vs QoQ 1.36%
Net NPA came at Rs. 1756.1 Cr vs QoQ Rs. 3280 Cr at 0.17% vs QoQ 0.33%
If not for the RBI freeze on NPAs, the GNPA would have been at 1.37% and NNPA at 0.35%.
Quarter EPS is Rs. 13.7
Share is trading at P/E of 18.8x FY22E EPS & 3.5x trailing P/Adj. BV