HDFC Bank Ltd. share price target

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...

Despite adverse operating environment, HDFC Bank continued to deliver strong performance on business growth as well as operating and assets quality front. It has consistently been outperforming its peers both in financial and operational front backed by strong liability franchise, low exposure to stressed sectors and superior risk management practices. Maintaining our positive stance on the Bank, we raise our valuation multiple on the back of pick-up in the loan growth and strong growth in core other income. We maintain our BUY recommendation on the stock with an upwardly revised Target Price of Rs2,065 (from Rs1,940 earlier) based on...

was driven by retail loans (+29% YoY/7% QoQ), resulting in an increase in its loan mix share to 55%. Business banking, personal loans and credit card continue to report strong growth within the retail segment. Fee income growth stood at 24% YoY, which coupled with strong FX income and treasury gains of INR3.84b, resulted in 24% YoY growth in other income. CASA deposits held flat on a sequential basis, while term deposits grew 4.7%...

On top of its game raising TP to INR 2000 We raise our target price for HDFC Bank from INR 1800 to INR 2000 as we build the valuation for HDB Financial Services and HDFC Securities in our target price. We value these companies at INR 132/share, contributing 7% of our target price for HDFC Bank (bank valued at 4x FY19E BVPS vs 3.9x earlier). Our recent meetings with the bank's top management and various business heads give us further comfort that the bank remains in its usual solid shape with respect to growth, risk and profitability. Market share gains continue to accelerate on both corporate as well as retail loans aided by the bank's pricing advantage, solid product...

HDFC Bank Ltd. (HDFCB) reported another stellar performance for Q1FY18 with net profit growing by 20.2% YoY in line with our estimates. During the quarter, the bank witnessed growth in NII & business and NIM improved by 10 bps to 4.4% driven by strong assets growth and operating efficiencies. However, owing to high slippage from agriculture portfolio, assets quality deteriorated in the reported quarter with GNPA ratio increasing by 19 bps QoQ to 1.24%. Q1 FY18 Result Analysis: Net Interest Income (NII) grew by 20.4% YoY and 3.5% QoQ on the back of high interest income and low cost of funds. While strong...

HDFC Banks Q1FY18 PAT at Rs 38.9 bn was in line with our estimate, with higher-than-expected interest income largely set off by additional provisions key impact from agri NPAs. Loan growth seems to be on a path of acceleration, climbing to 23.4% YoY after three quarters of below 20% YoY growth. ..

HDFC Bank, the country's second largest private sector lender, has reported stable set of quarterly earnings as profit grew by 20.20 percent year-on-year to Rs 3,893.84 crore in the quarter ended June 2017. Non-interest income, operating profit and in line with the estimated net interest income boosted earnings but sharp spike in provisions limited growth. It has registered 13% rise in Interest income to Rs 18668.72 crore in the quarter ended June...

ICICI Securities Ltd | Retail Equity Research On the asset quality front, GNPA increased 23% QoQ to | 7243 crore after a surge of 12% QoQ already seen in Q4FY17, primarily on account of agricultural NPA (60% of fresh addition) led by farm loan waivers. GNPA ratio surged 19 bps to 1.24% vs. 1.05%. Net non performing assets (NNPA) were at 0.44%. Accordingly, provisions increased to | 1559 crore, up 80% YoY and 23% QoQ. The bank has enhanced specific provision coverage for its agricultural NPA book...

Despite adverse operating environment, the Bank continued to deliver strong performance on business growth as well as operating and assets quality fronts. It has been consistently outperforming its peers both in financial and operational fronts backed by strong liability franchise, low exposure to stressed sectors and superior risk management practices. We have revised our loan growth target to 20-21% from earlier estimate of 17-18% led by relatively higher loan growth over last two quarters. As a result, we have upwardly revised our earnings estimates by 1.9% and 3.1% for FY18E & FY19E, respectively. We maintain our BUY recommendation on...