From Financialexpress · Oliviya Kunjumon · · 1m
HDFC Bank Q2 Results: Jefferies Targets 21% Upside
Jefferies forecasts 21% stock price rise for HDFC Bank after Q2 results.
In brief
Jefferies forecasts 21% stock price rise for HDFC Bank after Q2 results. Jefferies maintains 'Buy' rating with Rs 880 target price for HDFC Bank, implying 21% upside from current market price. Originally reported by Financialexpress.
HDFC Bank Q2 Results
HDFC Bank reported September-quarter profit of rs 19,500 crore, up 5% year-on-year.
“Core nim hold up better; reallocation of assets to aid nim”
Jefferies Maintains Buy Rating
Jefferies retains 'Buy' rating with rs 880 target price, implying 21% upside from current market price.
Profit and NII Growth
Net interest income grew 10% year-on-year, ahead of estimates, due to better net interest margins.
Retail Deposit Growth
Retail deposits grew 11% year-on-year, critical for improving margins and return on assets.
Loan Mix Shift
Retail loans grew 8% year-on-year, business banking loans increased 23% after adjusting for fcnr-b deposits.
Asset Quality
Gross non-performing loans stood at 1.1% of total loans, net non-performing loans at 0.4%.
“Asset quality strong”
Management Changes
New CEO takes charge on october 27, deputy managing director kaizad bharucha resigns by december 31, 2026.
What to remember
Jefferies maintains 'Buy' rating with Rs 880 target price for HDFC Bank, implying 21% upside from current market price.
