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HDFC Bank Ltd. reported net interest income was slightly behind estimates, growing at 9% YoY.
Pre provision operating profit however grew by 18% YoY, benefitting from higher forex income and lower opex.
Key dampeners during the quarter were elevated slippages (at 2.5%) and weak net interest margin, even as profit after tax was mostly in line.
HDFC Bank’s reported NIM 4.1% was at the lower end of management guidance, impacted by changing loan mix in favour of lower yielding corp book, decline in revolver balances in credit card portfolio, elevated slippages, and higher cash reserves ratio requirements.
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