# HDFC Bank Q2 Results: Jefferies Targets 21% Upside

> Jefferies forecasts 21% stock price rise for HDFC Bank after Q2 results.
- Title: HDFC Bank Q2 Results: Jefferies Targets 21% Upside | Shortify
- Summary: 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…
- Keywords: hdfc bank, jefferies, q2 results, net interest income, retail deposits, loan growth, margins, management changes, target price, rs 880, business, money
- Source: Financialexpress — https://financialexpress.com/market/hdfc-bank-jefferies-sees-21-upside-after-q2-results-key-factors-to-watch-4364473
- Author: Oliviya Kunjumon
- Published: 2026-10-19T02:07:04+00:00
- Read time: 1 min
- Topics: hdfc bank, jefferies, q2 results, net interest income, retail deposits, loan growth, margins, management changes, target price, rs 880, business, money
## 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.
## Key takeaway

Jefferies maintains 'Buy' rating with Rs 880 target price for HDFC Bank, implying 21% upside from current market price.