Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Equity Bottom-Up

Second-quarter 2016 earnings for HDFC Bank broadly met our estimates; however, loan growth was higher than expected.First-half fiscal 2016 stand-alone earnings ended at INR 55 billion, versus our annual consolidated earnings of INR 118 billion.What the bank lost in margins (which fell by 10 basis points over the prior year to 4.2%) it more than made up with a stupendous loan growth of 29% over last year.The bank experienced above-30% growth across 45% of its loan portfolio, comprising home loans, personal loans, agricultural loans and two-wheeler loans, as it gained market share over competitorsAnalyst: Suruchi Jain

Second-quarter 2016 earnings for HDFC Bank broadly met our estimates; however, loan growth was higher than expected.First-half fiscal 2016 stand-alone earnings ended at INR 55 billion, versus our annual consolidated earnings of INR 118 billion.What the bank lost in margins (which fell by 10 basis points over the prior year to 4.2%) it more than made up with a stupendous loan growth of 29% over last year.The bank experienced above-30% growth across 45% of its loan portfolio, comprising home loans, personal loans, agricultural loans and two-wheeler loans, as it gained market share over competitorsAnalyst: Suruchi Jain

Q2 2016 Earnings in Line; Increasing FVE to INR 1130 on Higher Loan Growth Expectation