HDFC Bank shares are in focus after the private lender reported its March quarter earnings for the financial year ending March 2026 on Saturday. The bank recorded a standalone net profit growth of 9.1% to Rs 19,221 crore.
The country's largest private sector bank reported a strong quarter helped by a pick-up in lending to consumers, though lending margins remained weak. HDFC Bank declared a final dividend of Rs 13 per share for FY26.
Net interest income - the difference between interest earned on loans and interest paid on deposits - rose 3.2% to Rs 33,082 crore in the March quarter, compared to Rs 32,066 crore in the year-ago period.
In the wake of HDFC Bank's Q4 earnings, a slew of brokerages offered their view on the lender, with most remaining bullish amid ongoing geopolitical turmoil and uncertainty.
ALSO READ: HDFC Bank Q4 Results: Net Profit Rises 9.1% To Rs 19,221 Crore, Dividend Declared
Brokerages on HDFC Bank
Morgan Stanley on HDFC Bank
- Maintain Overweight with TP of Rs 1025
- PAT beat estimates by 4% as sharply lower provisions and lower operating costs offset slightly lower core revenue
- Commentary was anchored on loan growth with LDR no longer a constraint
- Earnings resilience and attractive valuation make it one of our key picks amid geopolitical risks
BofA on HDFC Bank
- Maintain Buy with TP of Rs 950
- Healthy quarter; loan growth trajectory in focus
- Healthy demand and lower LDR to support growth in FY27
- Healthy growth, better NIM & lower provisions
- Robust deposit growth, pickup in loan growth
- Asset quality metrices remain benign, credit cost declined
Citi on HDFC Bank
- Maintain Buy; Cut TP to Rs 1020 from Rs 1200
- NII Miss, Softer Fees; (Retail) Loan Growth Lagged
- Mgmt. stops short of explicitly guiding for system outperformance in FY27
- The tone on growth momentum is constructive
- Factoring lower NIM/revenue trajectory, cut FY27/FY28 earnings by 3-4%
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