Sharekhan's research report on HDFC Bank
HDFC Bank reported broadly in-line performance with strong deposit growth in Q2FY2025. Given the transition period, management’s relentless focus is towards balance sheet management and stability in return ratios. The bank shared its glide path for loan growth. In FY2025, it would probably grow slower than the system. Loan growth is expected to be at par with the system in FY2026; and from FY2027, it should see faster growth than the system. The quality of portfolio continues to be stable.
Outlook
The stock trades at 2.2x/1.9x its FY2025E/FY2026E core BV estimates. We maintain BUY with a revised PT of Rs. 2,000 and remain assertive from the medium to long.
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