HDFC Bank - Robust core earnings, well capitalized; Accumulate

Robust core earnings, well capitalized; Accumulate

We like HDFC Bank as its likely robust credit growth, improving productivity and robust
asset quality could drive a 23.3% earnings CAGR over FY15-17, with RoA of 2% over
the same period – the highest in our banks coverage universe. Hence, we maintain our
Accumulate rating on the stock, with a target of Rs1,250.

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