HDFC Bank Ltd. Brokerage/Research Reports, analyst Research Reports (2024)

Broker Report

Navigating through the challenges

Motilal Oswal

HDFC Bank (HDFCB)’s Annual Report emphasizes the institution's commitment to achieving sustainable growth over the medium term as it continues to invest in strengthening both its physical infrastructure and digital prowess.

Broker Report

HDFC BANK LIMITED

Geojit BNP Paribas

Broker Report

Higher-cost borrowing deployment aiding margin improvement

KRChoksey

Net Interest Income (NII) for Q1FY25 stood at INR 298,371 Mn, a growth of 26.4% YoY/ 2.6% QoQ. NII was in line with our estimates.

Broker Report

Result Update:HDFC Bank

Axis Direct

We maintain our BUY recommendation on the stock

Broker Report

In-line quarter; deposit mobilisation remains key variable impacting loan growth / NIM

ICICI Securities Limited

HDFC Bank (HDFCB) has reported Q1FY25 PAT at INR 161.7 bn (down 2% QoQ) with annualized RoA of 1.88%. Despite flattish deposits and 1% QoQ decline in loans, NII grew ~3% (1% beat) led by better loan mix (profitable growth).

Broker Report

Margin management to take precedence over growth

Emkay

HDFC Bank disappointed on deposit growth in Q1FY25, after a stellar uptick in Q4FY24 due to run-down in its CA pool as well as a conscious run-down in bulk deposits.

Broker Report

H D F C BANK

Prabhudas Lilladhar

Broker Report

HDFC Bank: Q1FY25 Result Review

IDBI Capital

Broker Report

HDFC Bank (BUY): Continued focus on business realignment impedes growth

BOB Capital Markets Ltd.

NII growth remained healthy, while fall in other income was offset by lower opex, provision, and adj PAT. NIM increased 3bps QoQ to 3.7%

Broker Report

Stable Performance

Sharekhan

HDFC bank delivered stable performance in Q1FY25 except on deposit front and maintained its stance of staying focus on delivering stable business matrices in FY25.

Broker Report

Pick of the Week:03 JUNE 2024

Axis Direct

We recommend a BUY on the stock with a TP of Rs 1,685/share, implying an upside of 10% from the CMP.

Broker Report

One-off provision not a concern; Focus on deposit mobilization going ahead

KRChoksey

Net Interest Income (NII) for Q4FY24 stood at INR 290,768 Mn, a growth of 24.5% YoY/ 2.1% QoQ. The core NIMs for the quarter stood at 3.44%, a decline of 66 bps YoY but improved by 4 bps QoQ.

Broker Report

First Light | HDFC Bank

BOB Capital Markets Ltd.

HDFCB: Realigning business dynamics in 4Q to improve profitability

Broker Report

HDFC Bank

ICICI Direct

Broker Report

Deposit/NIM management to take precedence over credit growth

Emkay

After the Q3 miss, HDFCB largely ticked all the boxes in Q4 – delivering betterthan-expected deposit growth (over Rs1.7trn QoQ), positively surprising on the
margin front (over 3bps QoQ) to 3.63% despite the sharp fall in LDR to 104%
and accelerated branch expansion. HDFCB utilized HDFC Credila’s stake sale
gains of Rs73bn and tax reversal due to favorable court order to shore-up
contingent provision buffer (over Rs109bn QoQ) to 1.1% of loans.

Broker Report

HDFC Bank Limited

SMC online

Broker Report

Reported and adjusted RoA strong; estimate gradual re-rating on sustained deposits growth

ICICI Securities Limited

Apart from strong deposits growth and subdued loan growth, which were already communicated, key highlights from HDFC Bank’s (HDFCB) Q4FY24 results include: 1) sharp reduction in borrowing (down 10% QoQ); 2) 3–4bps QoQ rise in NIM

Broker Report

HDFC Bank: Q4FY24 Result Review

IDBI Capital

Broker Report

H D F C BANK

Prabhudas Lilladhar

Broker Report

Core performance in line; margins improve QoQ

Motilal Oswal

HDFCB delivered a healthy quarter, with NIMs improving 4bp QoQ and the
CD ratio declining 6% QoQ to 104%. PAT (adj. for one-offs) and NII both
stood in line with our estimates.