HDFC Bank Ltd. share price target

Reported divergence for FY17 is at Rs20.5bn. Of which JSPL (Rs17.1bn) slipped and got upgraded during the quarter post JLF decision after satisfactory performance. BUY with target price of Rs2,400: In times of gigantic deterioration in asset quality for corporate peer bank, preference toward high quality retail banks will continue to remain. As a result premium valuation for HDFCB is fairly justified in our opinion. We value HDFCB at 4.4x P/ABV FY19E (30% premium to mean valuations) deriving a...

ff The Bank will continue to focus on Agri book, as this segment continues to be a profitable business proposition. Marking a substantially rise over the last one year, its NPA from the Agri book touched level of 5-6% at gross level. However, the Bank does not see any material...

HDFCB matched business and earnings estimates for Q3FY18. The loan growth accelerated to 27.5% yoy on a weak Q3FY17 base but was a healthy 4.4% qoq. The deposit growth on a strong, post-demonetisation base, was expectedly tepid at 10% yoy. Slippages and upgradations included a large divergent account exposure of Rs17.1bn,...

increases ~15% to | 532. Hence, we revise our TP higher to | 2300 (earlier vasant.lohiya@icicisecurities.com | 2050) valuing the stock at 22x FY19E EPS (4.2x FY19E ABV) and add | 50...

HDFC Bank Ltd. (HDFCB) reported strong performance in operating as well as financial fronts while maintaining stable asset quality during Q2FY18. NII grew at 22.0% YoY, PAT at 20% YoY and GNPA reported at 1.3%, in line with our estimates. Despite of big size, outperformance of HDFCB to peers continued in terms of all...

HDFC Banks Q2FY18 PAT at Rs 41.5 bn was marginally ahead of our estimate, backed by strong NII growth and well managed operating expenses.

HDFC Ltd reported PAT of Rs. 21bn (15% YoY, inline with JMFe) as AUM growth improved to 18% YoY with sustained traction in individual loans (up 16% YoY on AUM basis), while the corporate book grew 23% YoY. Adj. NII growth moderated to 13% YoY in 2Q18. While we expect some pressure on spreads due to recent lending rates cuts, however, pickup in non-individual segment would offset the decline. GNPL ratio remained stable sequentially at 1.14%. While individual GNPL remained stable at 0.65%; non-individual GNPL increased 9bps QoQ to due to slippage of one developer account (of INR 1.6bn) to NPL. Credit cost (including provisions for standard assets) remained stable QoQ at 12bps and coverage ratio...

Healthy credit growth of 23% driven by growth in corporate loans (largely working capital) of 27% and retail loans of 20%. Higher growth is seen in unsecured retail segments; however we are not unduly concerned given the strong management experience and capability. Unsecured retail segment is currently 15% of total loans....

ICICI Securities Ltd | Retail Equity Research The bank reported a healthy set of numbers with operating profit maintaining traction of 30% YoY to | 7818 crore in Q1FY18 On the NPA front, GNPA increased 6% QoQ to | 7703 crore post a 23% QoQ surge seen in Q1FY18. GNPA ratio increased 2 bps to 1.26 vs. 19 bps rise seen in Q1FY18. NNPA was steady QoQ at 0.4% Provisions declined QoQ to | 1476 crore vs. | 1559 crore. The bank has made sufficient contingent provisions towards an account under...