Q3FY25 numbers were stable given the transition period. Credit growth (up 1% q-o-q) continues to remain slower than deposit growth (up 3% q-o-q) to bring down LDR at normalised levels faster. The bank remains committed to achieve the glide path on the LDR and loan growth over FY25-27E. Most importantly, the quality of portfolio remains stable except some seasonality seen in agri-loan portfolio, at the time when the peers are witnessing asset quality headwinds.
OutlookStock trades at 2.1x/1.9x/1.6x its FY2025E/FY2026E/FY2027E core BV estimates. We maintain BUY with an unchanged PT of Rs. 2,100 and remain assertive from the medium to long term.
For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
HDFC Bank_23012025_SharekhanDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
