Prabhudas Lilladher's research report on HDFC Bank
HDFCB earnings were in ‐ line and continued deliver with its strong operational performance with robust top line growth & controlled opex. Bank received its divergence report on NPA for FY17 which made it recognize Rs20.5bn of loans into NPAs but one large NPA of Rs17.1bn was recovered by the Bankers’ JLF in Q3FY18 and hence have minimal impact on asset quality. Bank has utilized released provisions towards floating provisions and existing stressed assets. Bank continues to deliver strong loan growth with stable liability franchise helping it gain market share.
Outlook
We remain positive on the stock with retain “BUY” with TP of Rs2,136 based on 4.3x Sep ‐ 19 ABV.
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