KOTAK SECURITIES ON HDFC BANK ; OUTPERFORM | TP ₹1,050

• New leadership chapter begins, but familiar execution challenges remain. • Weak treasury income is limiting overall earnings growth. • Q2 was broadly in line, supported by operating profit growth. • NII growth improved, while NIM contracted ~10 bps QoQ mainly due to FCNR deposit mobilisation. • Valuations remain attractive, but execution is still the key missing piece.

HDFC BANK LTD

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