** Net interest income +16% yoy (-9% qoq) to Rs25.85bn
** Net operating income -17% yoy (-17% qoq) to Rs26.97bn – due to lower profit on sale of investments as the company had sold its stake in HDFC ERGO in Q1FY17
** Opex +12% yoy (+33% qoq)
** PPOP -19% yoy (-20% qoq) to Rs24.6bn – Core PPOP (ex-trading gains and dividend income) grew 16% yoy
** Provisions -75% yoy at Rs850mn
** Tax rate came in at 34% vs 30% expected
** PAT -16% yoy (-23% qoq) to Rs15.7bn – lower than expectations, adjusted for the tax rate PAT was in line with expectations
** GNPL and NNPL inched up to 1.12% from 0.79% in Q4FY17 – Corporate GNPL stood at 2.09% vs 1.16% in Q4FY17 and 1.1% in Q1FY17 – this could include one lumpy exposure owned by the company
** AUMs grew 18% yoy to Rs3.55trillion / Individual loans (ex-sell down) grew 16% yoy to Rs2.15trillion / Corporate loans grew 22% yoy to Rs0.98trillion
We currently have a HOLD rating on the stock with a target price of Rs1,528
