Sunday, October 25, 2015


Brokerage house Religare has recommended buying HDFC bank. Its research report on HDFC Bank says that bank delivered yet another strong quarter with reported Q2 PAT up 20% YoY to Rs 29bn and NII higher 21% YoY, largely in line. Strong retail growth (+29% YoY) shored up overall loans/fee income by 28%/22% YoY. 

Asset quality was stable with stressed assets at 0.3% of total loans remaining among the lowest in industry. 

The bank created floating provisions of Rs 500mn in Q2, which is encouraging. NIMs however slid 10bps QoQ to 4.2%. Maintains BUY with a Sep’16 Target Price of 1,325.

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