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HDFC Bank’s Q2 show is stellar. Can it continue?

October 22, 2019 / 01:51 PM IST
HDFC Bank’s Q2 show is stellar. Can it continue?

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

HDFC Bank, India’s largest private sector lender, has been consistently delivering 20 percent earnings growth for many quarters now. The bank broke new ground with net profit increasing by 27 percent year-on-year (YoY) in Q2 FY20. While the bottom line was aided by lower taxes, pre-provisioning operating profit growth at 23 percent YoY was stellar. More so as the strong performance came at a time when the Street was anticipating moderation in earnings growth due to the broader economic slowdown. HDFC bank’s...

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