Quick Take: HDFC 1Q27 - A steady quarter

研报英文原文证据摘录

Quick Take: HDFC 1Q27 - A steady quarter

18 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 delivered another steady quarter, supported by healthy balance-sheet growth

Close Date 17 Jul 2026

and resilient asset-quality trends. However, margin pressures persisted as both loan yields

HDFCB.IN Close Price (INR) 819.60

and funding costs moved adversely, tempering NII growth despite robust loan and deposit

Price Target (INR) 1,150.00

accretion. Against this backdrop, the bank once again leaned on operating efficiency to protect

Upside/(Downside) 40%

profitability, while stable asset quality provided an additional cushion. Overall, the results

52-Week Range 1,020.50/726.65

highlight a franchise that remains on a slow normalization path, even as earnings growth

ASIAX 1,865.18

remains constrained by ongoing margin headwinds.

FYE Mar

Healthy growth in loans and deposits: HDFC Bank reported healthy loan growth, driven Div Yield 1.6%

by strong momentum in the corporate and small & mid-market segments, both of which grew Market Cap (INR) (B) 12,622.93

19% YoY. Retail loan growth, however, remained subdued at 7% YoY. On the liabilities side, EV (INR) (M) NA

deposit growth continued to be driven by term deposits, which grew 17% YoY, while CASA Performance YTD 1M 6M 12M

deposits increased 9.4% YoY. Absolute (%) (17.3) 2.6 (12.0) (16.0)

ASIAX (%) 14.0 (8.9) 9.3 27.4

Sequential pressure on margins: NIM declined by 12bp QoQ, reflecting adverse Relative (%) (31.4) 11.5 (21.2) (43.4)

movements in both asset yields and funding costs.