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HDFC Securities Institutional Equities
ICICI Bank, Axis Bank, Kotak Mahindra Bank and Federal Bank remained in focus after HDFC Securities reviewed their June-quarter performance, retaining a constructive stance on the banking sector while highlighting divergent growth and profitability trends.
Among the four lenders, ICICI Bank continued to be HDFC Securities' preferred banking pick. The brokerage maintained its Buy rating and target price of Rs 1,630, citing strong loan growth, robust fee income and healthy asset quality.
ICICI Bank reported loan growth of 19.6% YoY, while profit after tax rose 15.9% YoY to Rs 14,800 crore.
HDFC Securities said the bank's superior technology platform, distribution expansion and strong deposit franchise should help it sustain growth leadership in FY27.
Axis Bank delivered a quarter broadly in line with expectations. The brokerage retained its Add rating and target price of Rs 1,480. Loan and deposit growth remained strong at around 18-19%, supported by wholesale and SME lending. However, HDFC Securities noted that softer margins, higher retail slippages and the need for continued improvement in asset quality remain key monitorables for a valuation re-rating.
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