January 31, 2017 / 15:59 IST
Arihant Capital's research report on HDFC Bank HDFC Bank reported steady set of numbers. Interest income increased by 14% YoY to Rs. 17,605 cr, while on QoQ basis it increased by 3%. Interest expenses increased by 11% YoY, while on QoQ basis it increased by 2% to Rs. 9,296 cr. Net interest income increased by 18% on YoY basis and 4% on QoQ basis to Rs. 8,309 cr. Reported net interest margin dropped by 20 bps on YoY basis to 4.1.
OutlookHDFC bank continued to report balanced performance. We have valued stock on P/ABV(x) of 3.6(x) to its FY18E adjusted book value of Rs 382 per share and arrived at a fair value of Rs. 1,358. We have ‘HOLD’ rating on the stock.
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