HDFC Bank – Q3 FY10 result expectations
- Net interest income up 9.8% yoy and 11.1% qoq.
- Net profit up 18.8% yoy and 7.4% qoq.
- NIM to improve on sequential basis, as the bank continues to focus on retail business.
- We have factored in a 7% qoq growth in loans and 6% qoq growth in deposits, with higher share of CASA deposits.
- Concerns over asset quality may be reasonable.
We expect strong quarterly numbers from HDFC bank,
highest in our coverage universe. Maintain BUY.
Buy and Hold HDFC BANK at 1674
SL 1600 HOLD for 1704 & 1777 plus
