HDFC Bank reported a healthy December quarter. Pre-provision operating profit (PPOP) grew 7% on Q-o-Q basis and 21% on Y-o-Y basis. Fee income growth was healthy in the quarter. Asset quality also remained good. Loan growth moderated in the quarter. This was on account of lower wholesale loan growth. Retail deposit growth in the quarter was also below expectations.
Management appeared positive in its comments regarding growth outlook and margins in the foreseeable future. Analysts at IIFL Capital Services are cutting their forecast for earnings of the bank for FY 23 by 0.4%; for FY 24 by 2.6%; and for FY 25 by 1.3%, post the announcement of December quarter results.
Due to the strong fundamentals of the Bank and its current market price, a BUY recommendation is being given on the stock.
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