April 22, 2019 / 4:15 AM / 3 months ago

BUZZ-India's HDFC Bank rises after strong final quarter

** Shares of HDFC Bank Ltd, India’s biggest bank by market value, are up 1.4 pct in early trade at 2,325 rupees after Q4 profit meets market expectations

** Q4 profit rises 22.6 pct to a record 58.85 bln rupees ($848.47 mln), helped by strong loan growth and higher interest income

** Asset quality is stable; gross NPA reported at 1.36 pct for the quarter vs 1.38 pct at the end of last quarter

** “Best-in-class franchise, marginal stress baggage and strong capital position place HDFC Bank in a sweet spot” - Edelweiss Research

** The bank is consolidating and pacing its loan growth in select segments (retail) to prevent excessive risks accumulating - ICICI Securities

** ICICI Securities raises TP to 2,639 rupees from 2,458 rupees, maintains rating at ‘buy’

** Brokerage does not expect credit costs to get impacted by seasonal deterioration in the agri book likely in June qtr, as bank already provided for anticipatory losses

** Stock hits highest level in three weeks, marks sharpest intraday gain since March 26

** The stock is up 8.1 pct this year, as of last close ($1 = 69.3600 Indian rupees)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below