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HDFC Bank Q4 Results Review: ICICI Securities Maintains 'Buy'; Hikes Target Price To Rs 2,200
ICICI Securities sees HDFC Bank delivering steady ~1.8% RoA for FY26E, rising to ~1.9% by FY27E, hence maintain Buy with a revised target price of Rs 2,200 (vs Rs 2,100),
21 Apr 2025, 10:47 AM IST 
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HDFC Bank's reported NIM (up 11bps to 3.73%) was aided by Rs 7 billion of interest on IT refund while asset quality was stable.
(Photo: Vijay Sartape/NDTV Profit)
HDFC Bank has cut its savings rate by 25 bps, though savings growth has been muted (at 4–5%/0–4% YoY/QoQ in the last two quarters). Yields on advances should see a full impact of the policy rate cut in upcoming quarters. While cost of deposits should ease, it is unlikely to offset the pressure on yields; thus, pressure on NIM is likely in H1 FY26 but continued substitution of high-cost borrowing and favorable mix should help cushion ...
