Brokerages give a thumbs up to the stock. Read on to know what is their reading of the earnings announced by the bank
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HDFC Bank share price touched a 52-week high of Rs 1,724.30 adding over 2 percent in the early trade on October 18 after the company posted healthy numbers for the quarter ended September 2021.
HDFC Bank reported standalone profit at Rs 8,834.31 crore for September 2021 quarter, a 17.6 percent higher compared to the corresponding period last fiscal, driven by higher other income, and marginal increase in provisions.
The sequential growth in profit was at 14.3 percent for the quarter.
Net interest income, the difference between interest earned and interest expended, increased 12.1 percent YoY to Rs 17,684.4 crore during the quarter, with healthy loan growth.
The advances increased to Rs 11.98 lakh crore in Q2FY22 YoY and the same increased 4.4 percent, sequentially.
Deposits at Rs 14.06 lakh crore in the quarter ended September 2021 increased 14.4 percent compared to corresponding period previous fiscal, with retail deposits growth 17.5 percent and wholesale deposits at 2 percent YoY.
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Here is what brokerages have to say about the stock and the company post September quarter earnings:
Elara Capital
Higher retail growth will take a few quarters to reflect in NIM after which NII growth can accelerate to the teens. With a strong pipeline of loans and accelerating investments in technology, which will help the bank counter competition from Fintechs, we maintain Buy.
We roll over base to FY23E and retain target multiple at 3.9x, yielding target price of Rs 1,960 versus Rs 1,770 earlier
Morgan Stanley
Morgan Stanley has kept overweight rating on the stock and raised the target price to Rs 2,050 as the bank sounded confident of a sustained pick-up.
The EPS grew 17% YoY, 1% above estimate and core PPoP up 5% QoQ, helped by loan growth acceleration/stable margin.
The fresh restructuring is high and company expects limited downgrades incrementally.
Credit Suisse
Research house has maintained outperform call and raised the target to Rs 1,950 after Q2 saw a strong pick-up in retail/SME loans growth, while capital levels are also strong.
The bank is amongst the fastest-growing and well placed to continue to gain market share across segments. Credit Suisse raises EPS by 1% on stronger fees.
Nomura
Nomura has kept buy rating and raised the target to Rs 1,955. The bank is stepping on retail growth pedal to improve PPoP performance.
The management indicated that retail loan conditions have improved and it is willing to chase market share. The retail to wholesale loan mix is likely to swing back, said Nomura.
CLSA
CLSA has maintained buy rating on the stock and raised the target price to Rs 2,025 after Q2 earnings were strong with lower slippage than expected.
The growth improved especially in NIM accretive segments, while additional restructuring of 1.2% is higher than expected.
The commentary indicated retail/commercial growth will continue to accelerate and expect an 18% earnings CAGR over FY21-24.
Macquarie
Broking house has kept outperform call on the stock with a target at Rs 2,005 as it is one of the top picks in the sector.
The asset quality improves and pick-up in retail loan growth is encouraging. The rise in cost income ratio from 35% to 37% QoQ is in-line with expectations.
At 09:18 hrs HDFC Bank was quoting at Rs 1,701, up Rs 15.10, or 0.90 percent on the BSE.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
