HDFC Bank Ltd.

HDFC Bank is a commercial banking group based in India. Co. is engaged in providing banking and financial services. Co.'s operations are organized along four segments: Treasury, which includes its investment operations; Retail Banking, which serves retail customers with deposit products, loans and other services through a branch network and other delivery channels; Wholesale Banking, which provides loans, non-fund facilities and transaction services to corporations, public sector units, government bodies, and medium scale enterprises; and Other Banking Business, which includes para banking activities such as credit cards and debit cards.
  • TickerHDFCBANK
  • ISININE040A01026
  • CountryIndia

Analysts

HDFC Bank Ltd: 18 directors sold after exercising options/sold

Eighteen Directors at HDFC Bank Ltd sold after exercising options/sold 168,150 shares at between 1,250.000INR and 1,272.000INR. The significance rating of the trade was 96/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading a...

Mahrukh Adajania

HDFC bank's Q2FY20 results (Outperformer) - Good numbers in a bad environment

Q2FY20 results highlights PAT of Rs63.5bn grew 27% yoy / 14% qoq much higher than the average PAT growth of 20% yoy since 1QFY15, driven by a lower tax rate. While lower taxation, strong loan growth and higher profit on sale of investments were the positive earnings drivers, slower NII growth and slower balance sheet growth were the key negatives.  Loans grew strongly at 19% yoy / 8% qoq driven by corporate loans while retail loan growth moderated due to weak growth in vehicle loans. Retail loans grew 15% yoy while non-retail loans grew strongly at 25% yoy / 13% qoq. Mgmt explained that in...

Mahrukh Adajania

HDFC Bank's Q1FY20 results (Outperformer) - A bit soft but still strong. Early warning signals for retail stress

Q1FY20 results highlights HDBK reported strong and in-line earnings growth in a weak environment for financials. PAT grew 21% yoy but declined 5% qoq. Loan growth was the slowest in the last 10 quarters at 17% yoy and 1% qoq. NIMs rose yoy 10bps but fell 10 bps qoq. NII growth of 23% yoy remained strong with softer loan growth but higher yoy margins. High NII and trading gains helped offset slower fee growth. Core PPOP grew 22% yoy and 3% qoq better than 20% yoy in 4Q. Loans grew 17% yoy and 1% qoq. While loan growth remained higher than the sector’s, it is at a 10-quarter low, pulled down...

Nitin Aggarwal

MOSL: HDFC BANK (Buy)-In-line performance-prudential provisioning to facilitate steady earnings growth

HDFC BANK: In-line performance; prudential provisioning to facilitate steady earnings growth (HDFCB IN, Mkt Cap USD94.3b, CMP INR2376, TP INR2750, 16% Upside, Buy)   HDFCB reported 1QFY20 PAT of INR55.7b (+21% YoY, in-line). The bank stepped up provisions on the unsecured book, created a contingent provision of INR1.6b and additional general provision of INR0.9b toward the NBFC/HFC sector. NII grew 23% YoY to INR132.9b (in-line), while margins contracted 10bp QoQ to 4.3%. Core fee income grew 12% YoY to INR35.5b; treasury gain of INR2.1b boosted other income growth to 30% YoY. Opex gre...

Mahrukh Adajania

Event update: HDFC Bank (Outperformer) - Analyst day – Renewed rural push

Key takeaways from the HDFC Bank analyst day: Renewed focus on branch expansion with declining CI ratio: After going a bit easy on branch expansion in the last 3 years, the bank plans to ramp up branch expansion specially in the rural and semi-urban areas. Against 316 branches added in FY19 and 72 in FY18, the bank now plans to add 600 branches p.a. for 5 years. This will help collect low-cost, stable deposits from the interiors and give a boost to granular loan growth. Even with the aggressive branch expansion, the bank expects the CI ratio to be on a declining trajectory as the revenue gene...

Mahrukh Adajania

HDFC bank's Q2FY20 results (Outperformer) - Good numbers in a bad environment

Q2FY20 results highlights PAT of Rs63.5bn grew 27% yoy / 14% qoq much higher than the average PAT growth of 20% yoy since 1QFY15, driven by a lower tax rate. While lower taxation, strong loan growth and higher profit on sale of investments were the positive earnings drivers, slower NII growth and slower balance sheet growth were the key negatives.  Loans grew strongly at 19% yoy / 8% qoq driven by corporate loans while retail loan growth moderated due to weak growth in vehicle loans. Retail loans grew 15% yoy while non-retail loans grew strongly at 25% yoy / 13% qoq. Mgmt explained that in...

Mahrukh Adajania

HDFC Bank's Q1FY20 results (Outperformer) - A bit soft but still strong. Early warning signals for retail stress

Q1FY20 results highlights HDBK reported strong and in-line earnings growth in a weak environment for financials. PAT grew 21% yoy but declined 5% qoq. Loan growth was the slowest in the last 10 quarters at 17% yoy and 1% qoq. NIMs rose yoy 10bps but fell 10 bps qoq. NII growth of 23% yoy remained strong with softer loan growth but higher yoy margins. High NII and trading gains helped offset slower fee growth. Core PPOP grew 22% yoy and 3% qoq better than 20% yoy in 4Q. Loans grew 17% yoy and 1% qoq. While loan growth remained higher than the sector’s, it is at a 10-quarter low, pulled down...

Nitin Aggarwal

MOSL: HDFC BANK (Buy)-In-line performance-prudential provisioning to facilitate steady earnings growth

HDFC BANK: In-line performance; prudential provisioning to facilitate steady earnings growth (HDFCB IN, Mkt Cap USD94.3b, CMP INR2376, TP INR2750, 16% Upside, Buy)   HDFCB reported 1QFY20 PAT of INR55.7b (+21% YoY, in-line). The bank stepped up provisions on the unsecured book, created a contingent provision of INR1.6b and additional general provision of INR0.9b toward the NBFC/HFC sector. NII grew 23% YoY to INR132.9b (in-line), while margins contracted 10bp QoQ to 4.3%. Core fee income grew 12% YoY to INR35.5b; treasury gain of INR2.1b boosted other income growth to 30% YoY. Opex gre...

Mahrukh Adajania

Event update: HDFC Bank (Outperformer) - Analyst day – Renewed rural push

Key takeaways from the HDFC Bank analyst day: Renewed focus on branch expansion with declining CI ratio: After going a bit easy on branch expansion in the last 3 years, the bank plans to ramp up branch expansion specially in the rural and semi-urban areas. Against 316 branches added in FY19 and 72 in FY18, the bank now plans to add 600 branches p.a. for 5 years. This will help collect low-cost, stable deposits from the interiors and give a boost to granular loan growth. Even with the aggressive branch expansion, the bank expects the CI ratio to be on a declining trajectory as the revenue gene...

Nitin Aggarwal

MOSL: HDFC BANK (Buy)-Getting bigger, better and stronger-Growth momentum intact

HDFC Bank: Getting bigger, better and stronger; Growth momentum intact; competitive positioning to improve (HDFCB IN, Mkt Cap USD94.5b, CMP INR2416, TP INR2780, 15% Upside, Buy)  Takeaways from the Annual Analyst Meet We attended HDFC Bank’s (HDFCB) Annual Analyst Meet, wherein the bank highlighted the progress that its different businesses are making and the steps being undertaken to maintain its strong competitive positioning and deliver sustainable growth. HDFCB remains confident about its strategy to deepen presence in the suburban and rural regions and offer full product suite to cus...

HDFC Bank Ltd: 18 directors sold after exercising options/sold

Eighteen Directors at HDFC Bank Ltd sold after exercising options/sold 168,150 shares at between 1,250.000INR and 1,272.000INR. The significance rating of the trade was 96/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading a...

HDFC BANK LTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of HDFC BANK LTD. (IN), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 15, 2019, the closing price was INR 2,253.00 and its potential was estimated at INR 2,365.65.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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IndusInd Bank Ltd - Strategy, SWOT and Corporate Finance Report

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Oriental Bank of Commerce - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Oriental Bank of Commerce Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Oriental Bank of Commerce since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive...

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Bank Of Maharashtra - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Bank Of Maharashtra Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Bank Of Maharashtra since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Emerging Markets Strategy

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. RS for the MSCI EM index is consolidating when compared to the MSCI EAFE index, which we believe is largely due to consolidation in the U.S. dollar. Therefore, the direction of the dollar will be critical for EM equities. A breakout in the USD may begin to create problems for EM, whereas a failure to break above 97.70-98 resistance and a gradual weakening of the USD should be an environment where EM can outperform. Below we highlight attractive and actionable themes within EM: • EM C...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

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