HDFC Bank Q3FY19E Result Expectation


Equity tips:-






Consensus expectations for Q3FY19E:
  • Net interest income – Rs12,191cr, up 18.2% yoy and 3.6% qoq
  • Pre-provision profit – Rs10,034cr, up 18.7% yoy and 5.8% qoq
  • Loan-loss provisions – Rs1,756cr, up 30% yoy and 11.7% qoq
  • PAT – Rs5,451cr, up 17.4% yoy and 8.9 qoq
Q2FY19 performance highlights:
  • Net interest income – Rs11,760cr, up 21% yoy and 9% qoq
  • Pre-provision profit - Rs 9,480cr, increased 21% yoy and 10% qoq
  • Loan-loss provisions - Rs 1,820cr, up 23% yoy and 12% qoq
  • PAT - Rs5,010cr, up 21% yoy and 9% qoq
Remarks:
  • We expect advances growth of 23% yoy and deposit growth of 21% yoy for the quarter.
  • Growth in unsecured loans, portfolio buyout from HDFC to drive retail growth.
  • Increase in LDR and MCLRs will aid margins, but drop in CASA ratio to 41% in 3QFY19 (44% in 3QFY18) to offset the benefit.
  • Asset quality should remain benign. GNPA ratio stood at 1.3% as of 2QFY19, with ~70% PCR.
  • To watch for: 1) asset quality commentary in the agriculture portfolio.

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