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HDFC Bank Q3 Results Review — On Expected Lines; Systematix Retains 'Buy' On The Stock, Hikes Target Price
The brokerage retain Buy rating on HDFC Bank with a target price of Rs 2,030 (from 1,945 earlier) valuing the standalone bank at 2.3x Mar’27 P/ABV for FY25-27 average RoA / RoE of 1.9%/15%.
23 Jan 2025, 10:44 AM IST 
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HDFC Bank reported Q3 FY25 earnings of 167 billion which was flat QoQ, +2% YoY.
(Photo source: Vijay Sartape/NDTV Profit)
Based on our credit-deposit estimates, HDFC Bank is likely to revert to pre-merger credit-deposit ratio levels by the beginning of FY27-which is likely to be the first normal year of operations for the merged entity.
