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HDFC Bank Q4 Result Review: Stable Show With Margin Expansion Being A Key Positive— Systematix Maintains 'Buy'

Systematix retains Buy rating with a target price of Rs 2,200 valuing the standalone bank at 2.5x Mar’27 P/ABV for FY26-27 avg RoA/RoE of 1.9%/15%

<div class="paragraphs"><p>HDFC Bank Ltd. reported Q4 FY25 earnings of 171 billion which was supported by margin expansion and controlled opex increase. (Photographer: Usha Kunji/NDTV Profit)</p></div>
HDFC Bank Ltd. reported Q4 FY25 earnings of 171 billion which was supported by margin expansion and controlled opex increase. (Photographer: Usha Kunji/NDTV Profit)
Based on the brokerage's credit-deposit estimates, HDFC Bank is likely to revert to pre-merger CD-Ratio levels by the beginning of FY27-which is likely to be the first normal year of operations for the merged entity.
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