Equity Analysis /
India

IN : HDFC Bank - Robust performance on all counts

    CGS-CIMB
    19 January 2021
    Published byCGS-CIMB

    3QFY21 PAT rose 18% yoy, aided by strong net interest income (NII) and trading gains (+15.1%/64% yoy) with a revival in fee income (up 10%yoy). Collections (demand resolution) rose to 97% and asset quality held up well with pro forma GNPLs/NNPLs at 1.38%/0.4% largely stable qoq. We raise our FY21/22F EPS by 2.5/3.9% to reflect better revenue progression and margin and lower credit cost. We raise our TP to Rs1,700; reiterate Add.