ICICI Direct's research report on HDFC Bank
HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior return ratios compared to its peers resulting in premium valuations. It is the largest private sector bank with a loan book of Rs 16 lakh crore. It has been a consistent performance with +4% NIM and +15% RoE in the past many years.
Outlook
We remain positive and retain our BUY rating on the stock. We value HDFC Bank at ~2.5x FY25E ABV (post merger) and Rs 155 for subsidiaries and revise our target price to Rs 2050/share from Rs 1970 earlier.
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