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HDFC Bank reported 23% yoy earnings growth.
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HDFC Bank Ltd (HDFCBANK)
- HDFC Bank reported 23% yoy earnings growth.
- The earnings trajectory is quite healthy.
- Headline NPL ratios showed improvement with gross NPL ratio declining ~10 bps to 1.2% and net NPLs are at 0.3% of loans.
- Slippages were at 1.3% and restructured loans were at 1% of loans.
- Management built a thesis that it would not want to alter the growth trajectory of the bank and remain as competitive as it has always been.
- We maintain BUY rating with FV at Rs. 1,650.
- At our FV, we value the bank at 2.6X book and 20X FY2024E EPS for RoEs at 15-16% levels and 15% CAGR (adjusted for merger).
Note: The above is a brief note on the company, based on the inputs of KIE research report dated 17th April 2022, which is available on their website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Disclaimer: http://bit.ly/2n5AxIE
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Lakshit Financial is Authorized Person of Kotak Securities Limited in cash segments of BSE & NSE and NSE F&O segments with NSE. Lakshit Financial registration number: BSE CASH AP0106730124228 | NSE CASH AP029177621 | NSE F&O AP029177621. Lakshit Financial Registered Office: ASM 7, Ashwin Sector, Mumbai Agra Highway, CIDCO, Nasik 422009, Maharashtra, India. Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051. Correspondence Address: Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg, Malad (East), Mumbai 400097. SEBI Registration No. INZ000200137 (Member of NSE, BSE, MSE, MCX & NCDEX). Member Id: NSE-08081; BSE-673; MSE-1024; MCX-56285; NCDEX-1262. AMFI ARN 0164, PMS INP000000258 and Research Analyst INH000000586. NSDL/CDSL: IN-DP-NSDL-23-97.
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. Please refer the Risk Disclosure Document issued by SEBI and go through the Rights and Obligations and Do's and Dont's issued by Stock Exchanges and Depositories before trading on the Stock Exchanges.
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