ICICI Direct's research report on HDFC Bank
HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior return ratios compared to its peers resulting in premium valuations. Largest private sector bank with loan book of ~rS 12 lakh crore Consistent performance with +4% NIM and +15% RoE in past many years
Outlook
We remain positive and retain our BUY rating on the stock We value HDFC Bank at ~3.7x FY24E ABV and rS 50 for subsidiaries to arrive at a revised target price of rS 2000, from rS1800 earlier.
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