Moneycontrol PRO
Upcoming Webinar:Join us for 'The Future Techshot' on Sept 22, 10:30am to gain insights into role of tech in streamlining businesses. Register Now!

Accumulate HDFC Bank; target of Rs 2450 : Dolat Capital

Dolat Capital recommended accumulate rating on HDFC Bank with a target price of Rs 2450 in its research report dated January 21, 2019.

January 30, 2019 / 08:32 AM IST
  • bselive
  • nselive
Todays L/H

Dolat Capital's research report on HDFC Bank

HDFC bank reported a steady profit growth of 20% YoY aided by a NII growth of 22% YoY on stable NIMs, a robust core fees (27% YoY) coupled with the support of investment gains and improving costs (C/I lower by ~200 bps). The only variation was the higher credit costs at 19 bps of assets, of which 3 bps is contingency provisions on the agricultural portfolio in anticipation of likely political stress. The asset quality worsened, with GNPA increasing 5 bps to 1.38%. Fresh slippages were 0.34% of total assets at ` 400bn, higher by 22% sequentially.


We maintain our estimates, on rollover. We have factored an advance and PAT CAGR of 25% and 20% over FY19-20E and improving RoA at 1.9% Valuing the bank at 3.3x FY21E P/ABV, Accumulate.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Jan 30, 2019 08:32 am

stay updated

Get Daily News on your Browser
ISO 27001 - BSI Assurance Mark