HDFC Bank’s Margin Magic: Brokerages Bullish with Targets Up to ₹2,660 on 5 Key Wins

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HDFC Bank’s Q4FY25 results sparked major brokerage upgrades, with targets reaching ₹2,660 (BNP Paribas) and ₹2,340 (Jefferies). Here’s why:

Margin Momentum: Core NIM rose 11 bps QoQ to 3.54%, driven by deposit repricing and IT refund gains1.

Deposit Growth: CASA share improved, reducing reliance on costly borrowings2.

Slippage Control: Ex-agri slippages fell 5% QoQ, with total slippage ratio at 1.2%—lowest among peers3.

RoE Revival: BNP sees path to 16%+ RoE as margins expand and opex declines3.

Provision Buffer: ₹25,900 crore provisions (1% of loans) cushion against macro risks1.

Nuvama raised its target to ₹2,195, while UBS lifted it to ₹2,250, citing 20.6% YoY PPOP growth and stable asset quality45. The stock hit a record ₹1,950 intraday

Source: Financial Express, CNBC-TV18, Business Standard

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HDFC Bank’s Margin Magic: Brokerages Bullish with Targets Up to ₹2,660 on 5 Key Wins

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