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 ...
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