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Impressive execution on focused retail strategy continued in Q2 FY14 with retail loans share increasing by 160bps qoq to 30.2%.
Retail loan shift continues; SME growth also remains strong
Deposit growth muted as bank utilizes raised equity; CASA was stable
NIM continues to surprise positively; full-year margin guidance upgraded
Fee growth moderates further; C/I ratio improves on lower cost growth
Asset quality stress on up move; stress asset addition guidance increased
Valuation largely captures potential risks; Retain BUY
| (Rs mn) |
Q2 FY14 |
Q1 FY14 |
% qoq |
Q2 FY13 |
% yoy |
| Total Interest Income |
76,090 |
72,778 |
4.5 |
66,872 |
13.8 |
| Interest expended |
(46,723) |
(44,126) |
5.9 |
(43,603) |
7.2 |
| Net Interest Income |
29,366 |
28,652 |
2.5 |
23,269 |
26.2 |
| Other income |
17,661 |
17,813 |
(0.9) |
15,931 |
10.9 |
| Total Income |
47,027 |
46,465 |
1.2 |
39,200 |
20.0 |
| Operating expenses |
(19,530) |
(18,030) |
8.3 |
(17,417) |
12.1 |
| Provisions |
(6,875) |
(7,123) |
(3.5) |
(5,094) |
35.0 |
| PBT |
20,623 |
21,313 |
(3.2) |
16,688 |
23.6 |
| Tax |
(7,000) |
(7,224) |
(3.1) |
(5,453) |
28.4 |
| Reported PAT |
13,623 |
14,089 |
(3.3) |
11,235 |
21.2 |
| EPS |
116.1 |
120.2 |
(3.4) |
108.4 |
7.1 |
