Views on HDFC Bank Limited 3QFY2017 Results: Angel Broking

Views of Mr. Siddharth Purohit (Sr. Equity Research Analyst- Banking, Angel Broking) on HDFC Bank Limited 3QFY2017 Results:

"HDFC Banks's results for the quarter were broadly in line with expectations. While PAT growth of 15% YoY looks lower when compared to the historical trend of HDFC Bank, given the slow down due to demonetization the results by HDFC can be considered decent enough. Domestic loan books grew by 17.5% YoY, however repayment of overseas loans to the tune of $ 2 Bn linked to FCNR deposit impacted the overall loan growth which was 13.4% YoY. NIM further contracted by 10 bps QoQ to 4.1%, but we feel NIM should be stabilize from here onwards. What is worth noting is that in this quarter again HDFC Bank has been able to maintain a stable set of asset quality and we don't see this worsening in the near term. At the CMP the stock trades at 3.3x its FY18E Adj BV and we have an ACCUMULATE rating on the stock."

Shares of HDFC BANK LTD. was last trading in BSE at Rs.1287.55 as compared to the previous close of Rs. 1267.75. The total number of shares traded during the day was 96347 in over 2773 trades.

The stock hit an intraday high of Rs. 1291.7 and intraday low of 1270.3. The net turnover during the day was Rs. 123447591.

Source : Equity Bulls

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