BERNSTEIN ON HDFC BANK ; OUTPERFORM | TP ₹1,150

• Weak earnings growth continued for the second consecutive quarter. • NII grew 10% YoY, supported by 16% loan growth. • Corporate / Mid-market / Retail loans grew 16% / 24% / 12% YoY. • CASA deposits grew 11% YoY but continued to lag time-deposit growth. • Treasury gains fell to ₹8 Bn from ₹24 Bn YoY; fee income rose 10% while opex increased 6%. • Credit costs rose 17% QoQ and 2% YoY; GNPA improved 6 bps QoQ to 1.11%. • RoA declined ~4 bps QoQ to 1.8%.

HDFC BANK LTD

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