Bernstein has maintained an ‘Outperform’ rating on HDFC Bank with a target price of ₹2,300/share, indicating a potential upside of 31.6% from the current market price (CMP) of ₹1,748.40.
Key observations include robust deposit growth of 16% year-on-year (YoY), outpacing the industry average of 11-12%. The bank is advancing toward loan-to-deposit ratio (LDR) normalization, with a decline of 150 basis points quarter-on-quarter (QoQ). Loan growth declined to 3% YoY due to loan securitization, but the overall loan mix showed improvement.
Despite the decline in loan growth, Bernstein views the overall numbers as positive, highlighting the bank’s strong fundamentals and growth trajectory.
Disclaimer: The above analysis is based on inputs provided and is for informational purposes only. It does not constitute financial advice. Readers are advised to consult their financial advisors before making any investment decisions,
