JPMORGAN ON HDFC BANK ; OVERWEIGHT | TP CUT TO ₹970 FROM ₹990

• Q2 was steady; NIM outlook remains positive. • Advances growth healthy, with retail growth picking up. • FCNR drove strong deposit growth, while CASA growth remained muted. • Healthy asset quality continues to support earnings. • Await further details on management’s strategic priorities.

HDFC BANK LTD

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