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Thursday, September 29, 2011

HDFC Bank Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,view and outlook,multibagger

Scripscan:HDFC Bank Ltd

Story:As expected, the Bank posted a set of very good numbers, especially under the current circumstances. For Q1FY12, the Bank posted a 34% rise in net profit at Rs.1085 crore. NII was up 19% on a YoY at Rs.2848 crore and the NIM at 4.2% signals that the Bank has been able to pass on the consistent rate hikes successfully to its customers. Other income, which comprised of fees and commission was up 16% while forex derivative revenue too rose 34%. It suffered a loss of Rs.41.430 crore v/s gain of Rs.21.50 crore on revaluation/sale of investments. Asset quality remains good and this is reflected in the provisions and contingencies, which declined 20% at Rs.444 crore. Its gross NPA declined sequentially from 1.1% to 1.04% while net NPAs fell by to 0.18% from 0.2%.The bank's CASA (current and savings account) ratio stood at 49.1% which is down from 51% in Q4FY11. CASA ratio indicates the proportion of deposits in current and savings account to total deposits and a higher ratio, obviously means bank is getting money at lower cost. This slight fall in the ratio is once again a harbinger of the current times. Its total capital adequacy ratio rose to 16.9% from 16.2% on a QoQ. HDFC Bank remains an extremely strong stock. With PSU banks expected to face an uphill task, private sector banks are being preferred by most brokerage houses. And HFDC Bank remains the long term wealth creator.

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