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HDFC Bank - Q2FY21 Result - Angel Broking

Posted On: 2020-10-18 22:39:04


Mr. Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking Ltd

"HDFC Bank reported an overall good set of numbers. Advance grew by 16% YoY and 3% QoQ, Retail book grew YoY / QoQ by 5% / 2 %, However, corporate book grew at healthy rate of 31% /5 % YoY/QoQ. NII grew at 17% YoY in line with advance growth, though higher PPoP growth of 18% YoY owing to elevated treasury gains and improved fee lines. Reported NIM declined by ~20 bps QoQ to 4.1% driven by excess liquidity and rising share of lower-yielding corporate portfolio. The GNPA ratio declined 28bps QoQ to 1.08% (At 1.37% without SC order). However, the bank provided Rs2300cr on unrecognized NPAs, including Rs1170cr additional contingent provisions to shore up Covid-19-related provisioning. The bank does not expect much restructuring. The asset quality of the NBFC subsidiary, HDB Fin Services, remains above the historical average, with the GNPA ratio rising to 4.5% (vs. 3.4% in Q2FY20). Currently, HDFC Bank is trading at 3.15x of FY22 ABV, which is lower compared to the historical average. We have a positive view on HDFC bank considering, reporting superior return ratio across the cycle and healthy provision coverage provide comfort on asset quality concern."

Shares of HDFC Bank Ltd was last trading in BSE at Rs.1199 as compared to the previous close of Rs. 1169.15. The total number of shares traded during the day was 401346 in over 12293 trades.

The stock hit an intraday high of Rs. 1203 and intraday low of 1172.95. The net turnover during the day was Rs. 478414159.


Source: Equity Bulls

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