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Housing Development Finance Corporation Ltd.’s FY21 earnings reflects its improving market positioning with capital buffer and efficiency, funding cost benefit and contained stress (stage-two/three pool at 8.7%).
Despite weak real estate sentiment amidst Covid-19 and 27% exposure to non-individual segments, credit cost was mere 60 basis points in Q4 FY21 as well as FY21.
On stress pool (stage-two/three) of 24%/3% in non-individual/individual segments, the bank is carrying provisions of 8.16%/0.65%.
On individual loans, disbursement growth of 60% YoY (3% for FY21) suggests gain in market share.
Non-individual assets under management growth under pressure due to repayments, pre-payments and cautious stance.
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