Shares of HDFC Bank saw an impressive uptick on the 5th of April, with the stock going up by 2%. This came as the lender posted impressive business growth, with both advances and deposits climbing rapidly. The advances were up by 17% compared to previous year, reaching about Rs 16 lakh crore in total, while deposits had gone up 21%, reaching a total of Rs 18.83 lakh crore.
Motilal Oswal Financial Services highlighted the sharp jump in deposits, which brought in Rs 1.5 trillion during the quarter alone, considerably higher than what officially been raised in the last two quarters together. Additionally, it was found that retail and commercial loans were solely responsible for the loan growth, with corporate and other wholesale loans going up by 12.5% year-on-year and 4.5% quarter-on-quarter.
The brokerage firm expects the margins to stay stable and stated that the momentum of the retail and commercial banking will give a boost to the fee income. It maintains its ‘Buy’ rating for the banking company, setting the target price at Rs 1,610.
HDFC Bank is one of India’s private sector banks. It is part of the HDFC group, founded in 1994 and it has grown from strength to strength, becoming one of the most respected banks in the country. It offers countless services, including day-to-day banking, credit cards, savings, investment banking, mortgages and more, as well as products and services for different customer segments, ranging from small businesses to large corporate finance.
Motilal Oswal Financial Services is a major player in India’s financial industry. It is a significant institutional and retail brokerage firm, offering unique insights on evolving markets, as well as guidance on investing and trading. Since its establishment in 1988, they have been actively engaged in creating impactful solutions, delivering superior service and providing value-added advice to its customers.
