Quick Take: HDFCB 1Q27- The balancing act continues

研报英文原文证据摘录

Quick Take: HDFCB 1Q27- The balancing act continues

4 July 2026

Pranav Gundlapalle

+91 226 842 1407

India Financials pranav.gundlapalle@bernsteinsg.com

HDFC Bank Ltd Ishan Mittal

+91 226 842 1442

Rating ishan.mittal@bernsteinsg.com

Outperform Anirudh Gupta

Price Target +91 226 842 1456

anirudh.gupta@bernsteinsg.com

HDFCB.IN 1,150.00 INR

HDFC Bank’s 1QFY27 provisional update portrayed a continued effort by the bank to strike

Close Date 3 Jul 2026

a balance between delivering "healthy enough" loan growth while keeping the LDR largely

HDFCB.IN Close Price (INR) 801.05

unchanged (both YoY and QoQ), and possibly maintaining NIMs within a relatively tight range.

Price Target (INR) 1,150.00

Period-end loan growth came in at 15.4% YoY, while deposit growth stood at 14.7% YoY

Upside/(Downside) 44%

—likely implying credit growth broadly in line with the system and deposit growth ahead of

52-Week Range 1,020.50/726.65

industry trends. CASA deposit growth continued to show improvement, with the gap between

ASIAX 1,977.84

total deposits and CASA deposits narrowing further. However, growth in average loan and

FYE Mar

deposit balances was lower than period-end growth rates, suggesting that NII growth could

Div Yield 1.6%

lag the headline expansion in loans and deposits.

Market Cap (INR) (B) 12,337.23

Healthy deposit momentum continues: HDFC Bank reported 15% YoY growth in deposits EV (INR) (M) NA

on a period-end basis, outperforming system deposit growth and remaining stronger than Performance YTD 1M 6M 12M

most large banks that have so far reported provisional business updates. Deposit growth Absolute (%) (19.2) 6.2 (20.0) (19.3)

continued to be driven largely by term deposits, which grew 17% YoY, while CASA deposits ASIAX (%) 20.9 0.1 15.7 37.8

increased 9% YoY.