HDFC Bank Ltd. share price target

Asset quality continued to remain stable as Gross and Net non-performing asset (NPA) ratios stood at 1.1% (no change QoQ) and 0.3% (1 bp QoQ), respectively. Notably, there was no asset quality related discrepancy reported by the RBI for FY16 under IRACP (Income Recognition, Asset Classification and Provisioning) norms. Overall, the bank has maintained robust asset quality over the last ten years. Further, negligible pool under stressed assets coupled with Rs1,250cr of floating provisions lend more comfort. Hence, we...

Growth continued to be led by retail loans (now 51% of loans; up 27% YoY), with personal loans and business loans (up 35-43% YoY) leading the charge.

There was a jump in NPAs, none of which though related to any deviation in RBI and HDFCB's asset classification per IRACP, which was a notable positive. The management, as always, did not leave any specific guidance on growth. The usual equations relative to systemic growth are now redundant. We believe HDFCB is likely to deliver...

Growing business with stable assets quality ' HDFC Bank Ltd. (HDFCB) reported a healthy set of numbers for Q4FY17, recording strong growth in NII and improvement in operating parameters. Country's second largest private sector bank, despite the big size continued to outperform the industry in terms of business growth. During the quarter, NII increased by 21.5% YoY while the NIM improved by 20 bps to 4.3% in spite of the challenging macro economic scenario. We believe that despite of big size, outperformance to peers will continue in terms of financial and operating parameters. Thus, HDFCB...

HDFC Bank reported steady set of numbers. Interest Income increased by 13% YoY to Rs. 18,114 cr, while on QoQ basis it increased by 3%. Interest Expenses increased by 6% YoY, while on QoQ basis it decreased by 3% to Rs. 9,059 cr. Net Interest Income increased by 21% on YoY basis and 9% on QoQ basis to Rs. 9055 cr....

After some moderation in business growth HDFC Bank is back with strong momentum during the quarter. We believe strong internal capital generation will drive 20% earnings CAGR over FY17-19, which will be backed by stable NIM and moderating credit cost. At the current market price, the bank is trading at 3.3x FY2019E ABV. We Maintain ACCUMU..

PAT increased 18.3% YoY to | 3990 crore, led a by a higher topline NII growth picked up 21.5% YoY, led by healthy credit growth at 19.4% YoY and steady margins. Growth in both domestic retail (up...

NIM improved by 20bps and stands increased to 4.3% in 4QFY17. NIM expansion could be attributed to lower interest cost on higher CASA base. Management indicated that NIM's have broadly been in range of 4-4.3%, and there exists no indication to move it out of the...

Advance growth is expected to remain very healthy (>2.5x of Industry?s average advances growth) because of healthy balance mix of retail and wholesale. Demonetization helped to increase the...