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HDFC Bank Ltd. | Q3FY13 Result Update




IndiaNivesh Securities Pvt Ltd


20 Jan 2013





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HDFC Bank Ltd. | Q3FY13 Result Update | Maintained healthy performance on all fronts… Loan growth was robust at 23% yoy with deposit growth of 22% yoy. CASA ratio maintained at 46%. NIMs were down by 10 bps qoq to 4.1% due to decline in yield on advances higher than that of increase in cost of funds. Asset quality witnessed a slight pressure with increase of 10 / 0 bps in Gross / Net NPA, in absolute terms up 14% / 28% qoq. Provision coverage was healthy at 80%. Valuation: HDFC bank has delivered a consistent performance in terms of overall business metrics. Robust loan growth of over 23%, healthy NIMs of 4.1% and high capitalization of 17% with improved return profile continues to remain the key positive for the banks. However asset quality has deteriorated marginally with increase of 14% / 28% qoq in Gross / Net NPAs. At CMP of Rs 659, based on street estimates, the stock is trading at P/ABV of 4.5x and 3.8x for FY13E and FY14E respectively. We don’t have a formal rating on the stock.

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