HDFC Bank Ltd. share price target

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...

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...

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..

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...

HDFC Bank Ltd. (HDFCB), the country second largest private sector bank, posted stable number for the Q3FY17 in spite of unfavorable business environment during the quarter. Double digit YoY growth in advances, deposits and net profit indicates that the bank continued to witness strong growth in business as well as profitability. We are of the view that in spite of big size, outperformance to peers will continue in terms of financial and operating parameters. Thus, HDFCB is our...

NII rose to Rs. 8309.09 Cr in Q3FY17 compared to Rs. 7993.59 Cr in Q2FY17. NII rose by 17.55% ( Rs. 1240.58 Cr ) when compared with the same period last year. The value of NII has been increasing throughout the period.

HDFC Banks' results for the quarter were broadly in line with expectations. While PAT growth of 15% YoY looks lower when compared to the historical trend of HDFC Bank, given the slow down due to demonetisation the results by HDFC can be considered decent enough. While HDFC Bank's growth has moderated from its historical levels, it still r..

We had noted in Q2FY17 earnings review that HDFCB's balance sheet momentum was undershooting our expected growth rate, which we expected to recover in H2FY17E. Two things have to be noted: 1) retail loan growth including business banking was still a robust 18%YoY (coming off from +22%YoY in Q2FY17) with post-demonetization scenario affecting utilization of loan limits in business banking, 2) unwinding of leverage in overseas loan book linked to FCNR deposits caused shrinkage bringing down overall growth to 13.5%YoY. In hindsight, our initial estimate of a 22.5%YoY credit growth was aggressive. We had kept our revisions in abeyance for better clarity to emerge though we did feel growth would be back...

ICICI Securities Ltd | Retail Equity Research PAT increased 15.1% YoY to | 3865 crore, led a by higher topline NII grew 17.6% YoY to | 8309 crore. Though slower compared to the historical trajectory, credit growth remained healthy at 13.4% to | 495043 crore, led by higher than systemic growth in both domestic retail (up 17.8% YoY) and wholesale book (up 16.8% YoY) In Q3FY17, FCNR deposits raised in Q3FY14 have seen redemption of $3 billion (~| 20000 crore). On advances, growth has been reported...