Buy HDFC Bank; target of Rs 1450: ICICI Direct

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ICICI Direct's research report on HDFC Bank

HDFC Bank posted a stable and steady performance on an overall basis considering the fact that the overall business environment was impacted by the Covid-19 pandemic. Loan book during the quarter increased 15.8% YoY, 3.5% QoQ to Rs 10.38 lakh crore. Growth in the retail segment remained tepid, up 5.3% YoY and 2.1% QoQ but growth in the corporate segment continued to remain healthy at 26.8% YoY, 4.7% QoQ.

Outlook

Thus, we remain positive on the bank and maintain our BUY rating with a revised target price of Rs 1450/share, valuing the core bank at ~3.8x FY22E ABV and adding Rs 50 in lieu of subsidiaries.

For all recommendations report, click here

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