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HDFC Bank – 4QFY2011
HDFC Bank is scheduled to announce its 4QFY2011 results. We expect the bank to report
NII growth of 22.4% yoy to `2,878cr due to slight moderation expected in NIM.
Non-interest income is expected to register relatively moderate growth of 16.9% yoy to
`1,056cr. The pre-provision profit of the bank is expected to register growth of 20.5% yoy,
while net profit is expected to increase by healthy 32.6% yoy to `1,110cr on account of
lower provisioning expenses. At the CMP, the stock is trading at valuations of 3.2x
FY2013E P/ABV. We maintain our Accumulate recommendation on the stock with a target
price of `2,655, based on a target multiple of 3.6x FY2013E P/ABV.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Preview
HDFC Bank – 4QFY2011
HDFC Bank is scheduled to announce its 4QFY2011 results. We expect the bank to report
NII growth of 22.4% yoy to `2,878cr due to slight moderation expected in NIM.
Non-interest income is expected to register relatively moderate growth of 16.9% yoy to
`1,056cr. The pre-provision profit of the bank is expected to register growth of 20.5% yoy,
while net profit is expected to increase by healthy 32.6% yoy to `1,110cr on account of
lower provisioning expenses. At the CMP, the stock is trading at valuations of 3.2x
FY2013E P/ABV. We maintain our Accumulate recommendation on the stock with a target
price of `2,655, based on a target multiple of 3.6x FY2013E P/ABV.
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