Buy HDFC Bank; target of Rs 1750: ICICI Direct

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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 14.8 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. HDFC Bank is expected to deliver higher than industry growth along with RoA of ~2% in FY24E. Thus, we value HDFC Bank at ~3.1x FY24E ABV & Rs 50 for subsidiaries and revise our target price from Rs 1650 to Rs 1750/share.

For all recommendations report, click here

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HDFC Bank - 171022 - icici