HDFC Bank Posts Another Strong Quarter; Underpins High Valuation Against Peers
Narrow moat-rated HDFC Bank posted another strong quarterly result in line with our expectations. Second-quarter net profit increased 4% against last quarter to INR 34.5 billion, or 20% against the same period last year. The result was propelled by accelerating loan growth on the first quarter, a largely steady net interest margin, or NIM, and sustained high asset quality. The solid result does not change our long-term view and underpins the bank's premium valuation. The bank is trading in line ...HDFC Bank is a commercial banking group based in India. Co. is engaged in providing banking and financial services. Co.'s operations are organized along four segments: Treasury, which includes its investment operations; Retail Banking, which serves retail customers with deposit products, loans and other services through a branch network and other delivery channels; Wholesale Banking, which provides loans, non-fund facilities and transaction services to corporations, public sector units, government bodies, and medium scale enterprises; and Other Banking Business, which includes para banking activities such as credit cards and debit cards.
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