External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>NIMs remain priority: In Q4FY25, HDFCB’s NIMs surprised positively, inching up by ~11bps QoQ, supported by stable CoF, lower interest reversals and support from CRR cut in Dec’24.</li><li>Since the merger, the bank has maintained its NIMs in a narrow range of 3.4-3.5% and the management expects to maintain margins within a similar range, barring quarterly variations.</li><li>The yield repricing on repo-linked loans generally happens within a quarter, with mortgage and corporate loans repricing immediately. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIMs remain priority: In Q4FY25, HDFCB’s NIMs surprised positively, inching up by ~11bps QoQ, supported by stable CoF, lower interest reversals and support from CRR cut in Dec’24.Since the merger, the bank has maintained its NIMs in a narrow range of 3.4-3.5% and the management expects to maintain margins within a similar range, barring quarterly variations.The yield repricing on repo-linked loans generally happens within a quarter, with mortgage and corporate loans repricing immediately. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDFC Bank Ltd. - NIMs Surprise; Full Impact of Rate Cuts to Be Visible from Q1FY26 Onwards!

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> is one of those few stocks that were nearly unaffected by the recent market turmoil (-5.7% pullback, peak to bottom and now at new highs).</li>
<li>
<a href="https://www.smartkarma.com/insights/time-to-buy-hdfc-bank-hdfcb-in" target="_blank" rel="noopener">Our insight in January 14th 2025</a> signaled a strong buy opportunity, the stock rallied +13% from there.</li>
<li>Now the stock has reached its previous all time highs, and may become overbought. Long-term outlook remains positive, but a short-term pullback is possible in the next 2 weeks.</li>
</ul>



HDFC Bank (HDFCB IN) is one of those few stocks that were nearly unaffected by the recent market turmoil (-5.7% pullback, peak to bottom and now at new highs).

Our insight in January 14th 2025 signaled a strong buy opportunity, the stock rallied +13% from there.
Now the stock has reached its previous all time highs, and may become overbought. Long-term outlook remains positive, but a short-term pullback is possible in the next 2 weeks.


Time to Sell HDFC Bank? Stock Nears Record High and Slightly Overbought

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
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Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

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<ul>
<li>Deposit growth has been decent and exceeded loan growth, allowing HDFCB to bring down its credit-deposit ratio. Average deposits grew 15%+ YoY, while loans grew at 7%+ YoY in Q3FY25.</li>
<li>Despite tough macro environment, HDFCB was able to gain market share in deposits. Despite headwinds from tight liquidity leading to competitive pricing, HDFCB was able to maintain its NIM.</li>
<li>HDFCB is benefitting from its productivity and technology-led enhancements with costs growing at just 7% YoY. Despite weak macro-economic environment, HDFCB's asset quality has remained pristine, barring seasonality in Agri-loans.</li>
</ul>


Deposit growth has been decent and exceeded loan growth, allowing HDFCB to bring down its credit-deposit ratio. Average deposits grew 15%+ YoY, while loans grew at 7%+ YoY in Q3FY25.
Despite tough macro environment, HDFCB was able to gain market share in deposits. Despite headwinds from tight liquidity leading to competitive pricing, HDFCB was able to maintain its NIM.
HDFCB is benefitting from its productivity and technology-led enhancements with costs growing at just 7% YoY. Despite weak macro-economic environment, HDFCB's asset quality has remained pristine, barring seasonality in Agri-loans.


HDFC Bank (HDFCB): Robust Deposit Growth Despite Tough Environment

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HDFCB saw steady quarter; core PAT was 1.5% better to PLe owing to lower opex and provisions while loan growth and NIM were broadly in-line.</li><li>Overall PCR fell by 2% QoQ to 68%, but PCR ex-agri was stable QoQ at 71%.</li><li>Focus on reducing LDR continues as despite CRB/retail growth of 2.7%/2.1% QoQ, IBPC sell-down of Rs1.4trn in Q3FY25 remains elevated.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDFCB saw steady quarter; core PAT was 1.5% better to PLe owing to lower opex and provisions while loan growth and NIM were broadly in-line.Overall PCR fell by 2% QoQ to 68%, but PCR ex-agri was stable QoQ at 71%.Focus on reducing LDR continues as despite CRB/retail growth of 2.7%/2.1% QoQ, IBPC sell-down of Rs1.4trn in Q3FY25 remains elevated.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDFC Bank - Margins and PSLC Cost Remain Key Monitorables

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HDFC Bank (HDFCB) reported 3QFY25 net profit of INR167.4b (2.2% YoY growth, in line).</li><li>NII grew 7.7% YoY to INR306.5b (in line).</li><li>NIMs contracted 3bp QoQ to 3.43%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDFC Bank (HDFCB) reported 3QFY25 net profit of INR167.4b (2.2% YoY growth, in line).NII grew 7.7% YoY to INR306.5b (in line).NIMs contracted 3bp QoQ to 3.43%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDFC Bank - Earnings in Line; Asset Quality Blips Amidst Seasonality

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

HDFC Bank Ltd. - NIMs Surprise; Full Impact of Rate Cuts to Be Visible from Q1FY26 Onwards!

NIMs remain priority: In Q4FY25, HDFCB’s NIMs surprised positively, inching up by ~11bps QoQ, supported by stable CoF, lower interest reversals and...

Axis Direct

Time to Sell HDFC Bank? Stock Nears Record High and Slightly Overbought

HDFC Bank stock has remained resilient amid market turmoil, reaching previous all time highs on April 15, but the the odds for a short-term...

Nico Rosti

HDFC Bank (HDFCB): Robust Deposit Growth Despite Tough Environment

Despite high competitive intensity, HDFCB has seen strong deposits growth. Its post-merger liquidity and credit-deposit metrics have come into...

Ankit Agrawal, CFA

HDFC Bank - Margins and PSLC Cost Remain Key Monitorables

HDFCB saw steady quarter; core PAT was 1.5% better to PLe owing to lower opex and provisions while loan growth and NIM were broadly in-line.

Prabhudas Lilladhar

HDFC Bank - Earnings in Line; Asset Quality Blips Amidst Seasonality

HDFC Bank (HDFCB) reported 3QFY25 net profit of INR167.4b (2.2% YoY growth, in line). NII grew 7.7% YoY to INR306.5b (in line). NIMs contracted 3bp...

Motilal Oswal

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HDFC Bank Ltd. - NIMs Surprise; Full Impact of Rate Cuts to Be Visible from Q1FY26 Onwards!

NIMs remain priority: In Q4FY25, HDFCB’s NIMs surprised positively, inching up by ~11bps QoQ, supported by stable CoF, lower interest reversals and...

Axis Direct

Time to Sell HDFC Bank? Stock Nears Record High and Slightly Overbought

​HDFC Bank stock has remained resilient amid market turmoil, reaching previous all time highs on April 15, but the the odds for a short-term...

Nico Rosti

HDFC Bank (HDFCB): Robust Deposit Growth Despite Tough Environment

Despite high competitive intensity, HDFCB has seen strong deposits growth. Its post-merger liquidity and credit-deposit metrics have come into...

Ankit Agrawal, CFA

HDFC Bank - Margins and PSLC Cost Remain Key Monitorables

HDFCB saw steady quarter; core PAT was 1.5% better to PLe owing to lower opex and provisions while loan growth and NIM were broadly in-line.

Prabhudas Lilladhar

HDFC Bank - Earnings in Line; Asset Quality Blips Amidst Seasonality

HDFC Bank (HDFCB) reported 3QFY25 net profit of INR167.4b (2.2% YoY growth, in line). NII grew 7.7% YoY to INR306.5b (in line). NIMs contracted 3bp...

Motilal Oswal

HDFC Bank stock has remained resilient amid market turmoil, reaching previous all time highs on April 15, but the the odds for a short-term...