Religare research report on HDFC BankHDFC Bank delivered yet another strong quarter with reported Q2 PAT up 20% YoY to Rs 29bn and NII higher 21% YoY, largely in line. Strong retail growth (+29% YoY) shored up overall loans/fee income by 28%/22% YoY. Asset quality was stable with stressed assets at 0.3% of total loans remaining among the lowest in industry. The bank created floating provisions of Rs 500mn in Q2, which is encouraging. NIMs however slid 10bps QoQ to 4.2%. Maintain BUY with a Sep’16 TP of 1,325.We expect fee income traction to remain strong going forward, and loan growth to remain well above industry levels in FY16/FY17. Maintain BUY with a Sep’16 TP of 1,325.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
Read More
