External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Progressing well on LDR improvement; Growth momentum to resume from FY26: In line with HDFCB’s stance of improving LDR aggressively to pre-merger levels of mid-80%, the bank has been progressing well with deposit growth outpacing credit growth.</li><li>In Q3FY25, LDR stood at 98.2% vs 99.8% QoQ. The management has reiterated its guidance of limiting growth to below systemic growth in FY25 to accelerate LDR improvement.</li><li>FY26 growth will align with industry growth, gradually improving (outpacing industry growth) from FY27E onwards. </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.

Progressing well on LDR improvement; Growth momentum to resume from FY26: In line with HDFCB’s stance of improving LDR aggressively to pre-merger levels of mid-80%, the bank has been progressing well with deposit growth outpacing credit growth.In Q3FY25, LDR stood at 98.2% vs 99.8% QoQ. The management has reiterated its guidance of limiting growth to below systemic growth in FY25 to accelerate LDR improvement.FY26 growth will align with industry growth, gradually improving (outpacing industry growth) from FY27E onwards. 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. - Progressing Well on LDR Improvement; Outlier on Asset Quality!

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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 has largely outperformed its large private peers in the recent past, primarily on account of its relatively better margin, asset quality outcomes amid rising asset quality noises in unsecured loans.</li><li>Separately, the bank has adopted the strategy to securitize loans (Rs90bn in 2Q and Rs123bn in Dec, leading to ~82bps reduction in LDR and a reduced PSL requirement), apart from slowing down credit growth and accelerating deposit growth to bring down its LDR to pre-merger levels (less than 90% from 100%) in due course and thus avoid regulatory friction.</li><li>Bank is also planning to launch IPO of its NBFC subsidiary – HDB Fin to the tune of Rs125bn (including OFS of Rs100bn) in line with regulatory requirement and also to unlock value.</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 has largely outperformed its large private peers in the recent past, primarily on account of its relatively better margin, asset quality outcomes amid rising asset quality noises in unsecured loans.Separately, the bank has adopted the strategy to securitize loans (Rs90bn in 2Q and Rs123bn in Dec, leading to ~82bps reduction in LDR and a reduced PSL requirement), apart from slowing down credit growth and accelerating deposit growth to bring down its LDR to pre-merger levels (less than 90% from 100%) in due course and thus avoid regulatory friction.Bank is also planning to launch IPO of its NBFC subsidiary – HDB Fin to the tune of Rs125bn (including OFS of Rs100bn) in line with regulatory requirement and also to unlock value.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 - Recuperation Progressing Well

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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 reported broadly in-line performance with strong deposit growth in Q2FY2025.</li><li>Given the transition period, management’s relentless focus is towards balance sheet management and stability in return ratios.</li><li>The bank shared its glide path for loan growth. In FY2025, it would probably grow slower than the system.</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 reported broadly in-line performance with strong deposit growth in Q2FY2025.Given the transition period, management’s relentless focus is towards balance sheet management and stability in return ratios.The bank shared its glide path for loan growth. In FY2025, it would probably grow slower than the system.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 - Better Visibility Going Ahead

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 - 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 Ltd. - Progressing Well on LDR Improvement; Outlier on Asset Quality!

In line with HDFCB’s stance of improving LDR aggressively to pre-merger levels of mid-80%, the bank has been progressing well with deposit growth...

Axis Direct

HDFC Bank - Recuperation Progressing Well

Bank is also planning to launch IPO of its NBFC subsidiary – HDB Fin to the tune of Rs125bn (including OFS of Rs100bn) in line with regulatory...

Emkay

HDFC Bank Ltd - Better Visibility Going Ahead

HDFC Bank reported broadly in-line performance with strong deposit growth in Q2FY2025. Given the transition period, management’s relentless focus...

Sharekhan

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