HDFC Bank | Q2FY15 Result Update | Stable performance continues …maintain hold with target price of Rs 910 ::IndiaNivesh

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HDFC bank’s Q2FY15 results were slightly ahead of street expectation on Net
interest income front with growth of 23% yoy to Rs 55.1 bn with stable NIMs of
4.5%. Loan book growth was at 22% yoy, Domestic loan book mix remains stable
at 52% (retail) and 48% (wholesale). Other income growth was lower at 10% yoy
to Rs 20.5 bn and as a result, operating profit was slightly lower than street
expectation at Rs 40.6 bn. Net profit was at Rs 23.8 bn, up 20% yoy as against
than street expectation of Rs 24.4 bn. Asset quality continues to remain stable at
1% / 0.2% Gross / Net NPAs. Maintain hold rating on the stock with target price
of Rs 910, valuing at 3.5x FY16E ABV.
Results highlight:
Loan growth remains healthy:
Loan growth of HDFC bank remains strong with growth of 22% yoy (5% qoq) to
Rs 3273 bn. However excluding FCNR lending, loan growth was 18% yoy. Domestic
advances constitutes 93% to total loan and remaining 7% are overseas. Out of the
total domestic loan book, 52% is wholesale and 48% is retail. In retail segment, CV/
CE segment continues to de grew by 18% yoy, Auto segment grew by 16% yoy, two
wheeler 17% yoy

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