ANTIQUE ON HDFC BANK
Target price ₹2,270 (maintaining Buy)
Largely in-line results
HDFC Bank remains preferred pick among large private banks due to
Improved growth outlook
RoA expansion levers from deposit substitution of higher-cost borrowings
Reduction in RIDF investments
Lower opex as operating leverage picks up from branch additions
Largely retaining estimates and rolling over to 1HFY28E, valuing the standalone bank at 2.3x P/B
Target price ₹2,270 (maintaining Buy)
Largely in-line results
HDFC Bank remains preferred pick among large private banks due to
Improved growth outlook
RoA expansion levers from deposit substitution of higher-cost borrowings
Reduction in RIDF investments
Lower opex as operating leverage picks up from branch additions
Largely retaining estimates and rolling over to 1HFY28E, valuing the standalone bank at 2.3x P/B
