HDFC Bank reported 23% yoy earnings growth.

Apr 25, 2022

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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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