HDFC Bank (Q4 FY16): Strong performance delivery - BUY
CMP: Rs1,092, 1-yr Target: Rs1,277, Upside: 16.9%
² Loan growth strong at 27% yoy; sustained high growth in retail segment, growth in corporate portfolio accelerates
² Deposit growth moderates sharply on significant deceleration in Retail TD growth
² Higher C/D ratio drive NIM improvement; NIM sustenance could be challenging in the near term
² Fee growth running below asset growth, core C/I ratio being managed well despite network investments
² Delinquencies were slightly higher than usual; overall asset quality remains solid
² Earnings growth to improve materially from FY18; Retain BUY
IIFL
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