Nalanda Securities' research report on HDFC Bank
Deposits grew 3.4% QoQ to 8333.6bn driven by CA growth of 5.3% QoQ at 1151.3bn, SA growth of 3.5% QoQ at 2345.7bn and term deposit growth of 2.9% QoQ at 4836.7bn. CASA ratio improved from 41.7% in Q1FY19 to 42% in current quarter.
Outlook
Stock is trading at FY20E P/ABV of 3.9x, we assign strong buy rating and value stock at P/ABV of 4.5x implying an upside potential of 16% and a target price of INR 2284.
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