HDFC Bank Shares Skyrocket 2.62% After Strong Q1 Results And Brokerage Update

On July 22, HDFC Bank's shares rallied by more than two per cent to Rs 1,649 a share as the lender declared strong Q1 FY25 earnings. Brokerages, however, have increased the price target on the stock despite concerns about their asset quality and slow growth of loans.

A number of brokerages, including Goldman Sachs and Jefferies, increased their target prices for HDFC Bank shares while keeping their "buy" ratings on the stock. The analysts at the brokerages mentioned increased margins and better visibility into earnings.

The target price for HDFC Bank stock was increased by Goldman Sachs to Rs 1,927, suggesting a 20 per cent increase over the previous closing price. Jefferies raised its target price to Rs 1,890, a meager price increase.

Share performance today

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The HDFC bank share price was trading at Rs 1648.80 per share on Indian bourses at 11.01 am. The counter saw a jump of almost 2.53 per cent from today's opening of Rs 1617.00 per share on d-street.

The HDFC bank share has rallied more than 15.44 per cent in the past 6 months. The share has touched a 52-week high of Rs 1794.00 per share. The stock has corrected 8 per cent from its 52-week high price of Rs 1794.00 per share.

HDFC Bank Q1 FY25

NII (Net interest income)

In the June 2024 quarter, the bank's net interest income (NII), or the difference between interest earned and interest paid, increased 2.6 per cent consecutively to Rs 29,837 crore.

NPA (Non-performing assets)

With the gross non-performing asset (NPA) ratio rising to 1.33 per cent from 1.24 per cent in Q4 FY24, the lender's asset quality declined in Q1 FY25. During the same time frame, the net NPA ratio went from 0.33 per cent to 0.39 per cent.

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CASA deposit

The bank reported a 24.4 per cent YoY growth in deposits to Rs 23.91 trillion in Q1 FY25. During this time, the bank's average deposits were Rs 22.83 lakh crore, up 25.2 per cent from Rs 18.2 lakh crore in Q1 FY24. The average amount deposited into its current account savings account (CASA) increased by 8.1 per cent year over year to Rs 8.10 lakh crore.