HDFC Bank – 4QFY2013 Result Preview - Angel Broking

HDFC Bank is expected to announce healthy set of results for 4QFY2013. The NII is expected to increase by 21.0% yoy to Rs. 4,099cr, while non-interest income is expected to come in at Rs. 1,903cr, achieving a strong growth of 27.6% yoy. Despite healthy growth of 23.0% yoy in operating Income, Operating profit is expected to grow strongly by 30.7% yoy, due to a moderate growth of 15.4% yoy in operating expenses. Provisioning is expected to be Rs. 319cr compared to Rs. 298cr in 4QFY2012. Consequently the PAT is expected to increase by 30.2% yoy to Rs. 1,892cr. The stock is currently trading at a valuation of 4.0x P/ABV FY2014E and 3.3x P/ABV FY2015E.

In our view, the stock factors in most of the positives, and hence, we remain Neutral on the stock.

Source : Equity Bulls

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