Housing and Development Bank: 2Q22 – Another strong quarter although sequentially weaker

  • Robust margins fail to boost earnings as OPEX, provisions and effective tax rate surge sequentially

  • where gross loans expanded by 9% q/q, bringing YTD growth to 16%, while deposits grew by 12% q/q, and 25% YTD

  • HDBK is currently trading at 2022 P/E of 3.0x, and P/B of 0.5x based on our 2022 estimates of EPS 15% expansion in 2022

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