HDFC Bank Limited

NYSE:HDB 株式レポート

時価総額：US$130.5b

HDFC Bank 過去の業績

過去 基準チェック /36

HDFC Bankは、平均年間18.7%の収益成長を遂げていますが、 Banks業界の収益は、年間 成長しています。収益は、平均年間3.2% 29.7%収益成長率で 成長しています。 HDFC Bankの自己資本利益率は13%であり、純利益率は26.8%です。

主要情報

18.73%

収益成長率

10.02%

EPS成長率

Banks 業界の成長11.18%
収益成長率29.70%
株主資本利益率13.02%
ネット・マージン26.83%
次回の業績アップデート18 Jul 2026

最近の業績更新

Recent updates

Seeking Alpha • May 26

HDFC Bank Faces A New Banking Reality

Summary HDFC Bank is rated HOLD, reflecting improved operational trends but persistent macro and regulatory headwinds. Post-merger, HDB has stabilized its balance sheet, with deposit growth (14.4% YoY) outpacing advances (12% YoY) and asset quality remaining robust. Net interest margin remains compressed due to higher funding costs and regulatory burdens, with further risk from potential RBI rate cuts. Read the full article on Seeking Alpha
Seeking Alpha • Mar 03

HDFC Bank's Future: Walking A Tightrope

Summary HDFC Bank shows mixed performance, with falling CASA ratios and rising NPAs, but benefits from rising credit card adoption and potential repo rate cuts. The merger with HDFC offers long-term synergies but presents short-term challenges like reduced NIMs and integration risks. Heavy FII presence poses a risk of significant share price dips amid potential outflows due to market overvaluation fears. Recommend HOLD due to short-term pessimistic signals and FII risks, with better long-term prospects expected post-merger and credit card growth. Read the full article on Seeking Alpha
Seeking Alpha • Jan 07

HDFC Bank: Asia's Compounding Machine Is Back On Track

Summary HDFC Bank has compounded capital at region-leading rates for decades. Despite a troubled merger, light is finally emerging at the end of the tunnel. With expectations reset, HDFC Bank, especially through its ADRs, looks very investable. Read the full article on Seeking Alpha
Seeking Alpha • Oct 27

HDFC Bank: The Clouds Are Finally Clearing (Rating Upgrade)

Summary After a bumpy post-merger ride, HDFC Bank is poised to turn the page. The macro winds are also blowing in the right direction. Significantly lowered expectations add margin for error. Read the full article on Seeking Alpha
Seeking Alpha • Aug 21

HDFC Bank: Focus On Fundamentals Over The Upcoming $2bn Catalyst

Summary HDFC Bank may be due for a very sizeable flow of funds catalyst. But there's no escaping the lackluster post-merger fundamentals. Relative to its new reality, HDFC Bank isn't attractively priced at all. Read the full article on Seeking Alpha
Seeking Alpha • Jun 17

HDFC Bank: Negatives Are Priced In

Summary I expect HDFC Bank to report a flat net interest margin and a weaker rate of loan growth for the near future. HDB's unappealing prospects are reflected in its valuations, which are already discounted based on peer and historical comparisons. A Hold rating is awarded to HDFC Bank stock after looking at the company's prospects and the stock's valuations. Read the full article on Seeking Alpha
Seeking Alpha • Apr 03

HDFC Bank: The Jury Is Still Out, Although The Risk-Reward Is In A Better Place

Summary HDB has lost 18% of its value since its merger with HDFC, underperforming other Indian financials and a diversified basket of Indian stocks. We discuss some of the major sub-plots that could impact HDB's performance. On the technical front, the reward-to-risk equation looks quite encouraging now. Read the full article on Seeking Alpha
Seeking Alpha • Jan 22

HDFC Bank: Why The $21bn Rout Was Not Unjustified

Summary HDFC Bank continues to muddle through a challenging post-merger rest. While asset quality is trending in the right direction, getting back to pre-merger growth and profitability remains a big hurdle. Expectations may now also be a lot lower than before, but I would be cautious about calling a bottom just yet. Read the full article on Seeking Alpha
Seeking Alpha • Nov 17

HDFC Bank: Cleaning Out The Closet

Summary Even after a big reset to expectations pre-earnings, HDFC Bank delivered a mixed quarter. NIM compression remains the pressing concern, particularly relative to a seemingly ambitious midterm plan. Given its lower return profile and uncertainties related to post-merger integration, the stock deservedly trades at a narrower book value premium here. Read the full article on Seeking Alpha
Seeking Alpha • Sep 09

HDFC Bank: Merger Done, A New Chapter Begins (Rating Downgrade)

Summary HDFC Bank closes its merger with former parent company HDFC. There are clear scale economies here long term, but in the initial phases of integration, expect some P&L headwinds. The stock has de-rated, but rightly so, given HDFC's lower margin book and the increased complexity of the pro-forma entity. Read the full article on Seeking Alpha
Seeking Alpha • Jul 04

HDFC Bank: A Bet On The Rapid Emergence Of India

Summary HDFC Bank has performed very well in the past year, as India continues to lead the world in real GDP growth. The company is well-positioned to benefit from India's fast-growing economy amid its young population and rising foreign investments. HDB's leading payment business should also be a growth driver, as the adoption and spending for credit cards continues to increase. The current valuation looks very reasonable when considering its strong earnings growth. Read the full article on Seeking Alpha
Seeking Alpha • Jan 09

HDFC Bank: Market's Attention Is On Pending Merger

Summary HDB's share price initially dropped by -25% in the one month after it proposed a merger with HDFC Limited. HDFC Bank's trailing price-to-tangible book and consensus forward P/E multiples have also compressed significantly in the nine months following the initial merger announcement. I think a Hold rating for HDFC Bank is fair, taking into account both the negatives and positives associated with the proposed merger. Elevator Pitch My investment rating for HDFC Bank (HDB) stays as a Hold. I reviewed HDFC Bank's financial performance for the first quarter of fiscal 2022 with my earlier September 24, 2021 write-up for the bank. With expectations that HDFC Bank's merger with HDFC Limited will be completed this year, it is timely to assess how the market has responded to the proposed merger, and evaluate the merits and risks associated with this M&A deal. On one hand, I am concerned about HDFC Bank's near-term net interest margin and ROE outlook, and its increased capital requirements once the merger is concluded. On the other hand, I like the cross-selling synergies and asset mix optimization benefits that the merger brings. Considering the pros and cons of the merger, I continue to rate HDB's stock as a Hold. HDB's Valuation Multiples Have Compressed Following Merger Announcement On April 4, 2022, HDFC Bank disclosed that it was proposing a merger with its parent, HDFC Limited, which it described as "India’s largest housing finance company" in the announcement. The Indian stock market exchanges have given the go-ahead for the merger in December 2022, and this deal is expected to be concluded in Q2/Q3 of fiscal 2024 ended March (the second half of calendar year 2023). In the month following the merger announcement, HDFC Bank's stock price fell by as much as -25% from $67.67 as of April 4, 2022 to reach an one-year trough of $50.61 during intra-day trading on May 9, 2022. While HDB's shares subsequently recovered to close at $67.40 as of January 6, 2023, this also means that HDFC Bank's share price is roughly back at the same level it was at nine months ago when the merger was revealed. More importantly, HDFC Bank's valuation multiples have compressed to a considerable extent in the last nine months. Based on valuation data sourced from S&P Capital IQ, HDFC Bank's consensus forward next twelve months' normalized P/E multiple de-rated from 22.1 times as of April 4, 2022 to 18.0 times at the end of the January 6, 2023 trading day. In the same time period, HDFC Bank's trailing twelve months' price-to-tangible book valuation ratio declined from 3.89 times to 3.42 times. It is clear from the de-rating of HDB's valuation multiples that investors have reservations about the merits of the merger between HDFC Bank and HDFC Limited. In my view, there are both pros and cons associated with the merger as detailed in the subsequent sections of the article. Positives Associated With The Proposed Merger On the positive side of things, HDFC Bank can realize cross-selling synergies, optimize its asset mix, and achieve greater economies of scale. Firstly, there is room for HDFC Bank and HDFC Limited to cross-sell more products to each other's client base. Even though HDFC Bank is HDFC Limited's subsidiary, roughly seven in 10 of HDFC Limited's customers don't have any banking relationships with HDFC Bank, as highlighted in HDB's April 2022 investor presentation. On the flip side, only a mere 2% of HDFC Bank's clients take up mortgage loans with HDFC Limited, while four times as many of HDB's customers are actually doing business with HDFC Limited's competitors in the Indian mortgage banking space. Secondly, the combined entity created with the merger of HDFC Bank and HDFC Limited will have a more balanced mix. As indicated in its April 2022 investor presentation, HDFC Bank on a stand-alone basis had the commercial & rural banking and corporate banking segments account for a majority or 61% of its total loans. Following the proposed merger with HDFC Limited, the percentage of HDB's loans derived from the commercial & rural banking and corporate banking segments will drop to 42%. This change in asset mix will come about as the merged entity's exposure to mortgages (as a proportion of total loans) grows from 11% to 33% after the proposed merger is completed. Thirdly, HDFC Bank is in a position to benefit from more substantial economies of scale in a high-fixed cost business like banking with the merger. The pro-forma numbers for the merged entity disclosed in HDFC's April 2022 presentation slides suggest that HDFC Bank's deposits and gross advances can potentially expand by +44% and +33%, with the integration of HDFC Limited's operations after the conclusion of the merger. The Merger's Key Risk Factors On the negative side of things, there are concerns that the proposed merger with HDFC Limited will pose risks to HDFC Bank's margins and growth outlook.
Seeking Alpha • Oct 27

HDFC Bank: Steady As She Goes

Summary HDFC Bank delivered another stellar quarter of loan and deposit growth. The bank’s NIM expansion has also remained solid, supporting industry-leading profitability through the cycles. The stock trades at a book value discount to historical levels as well, and patient, long-term-oriented investors stand to be well rewarded.
Seeking Alpha • Oct 17

HDFC Bank GAAP EPS of ₹19.00, core net revenue of ₹28,869.8 crore

HDFC Bank press release (NYSE:HDB): Q2 GAAP EPS of ₹19.00. Core net revenue of ₹28,869.8 crore (+18.3% Y/Y). Net interest income grew by 18.9% Y/Y to ₹ 21,021.2 crore. The total credit cost ratio was at 0.87%, as compared to 1.30% for the quarter ending September 30, 2021. Total Deposits showed a healthy growth and were at ₹ 1,673,408 crore, an increase of 19.0% Y/Y. Net non-performing assets were at 0.33% of net advances as on September 30, 2022.
Seeking Alpha • Jul 15

HDFC Bank: Sustainability At Its Core

HDFC Bank maintains consistently high shareholder returns by having sustainable interest margins and operational efficiency. The bank has consistently maintained a positive ROE that is also significantly above the industry average over the four years ending 2022. HDFC Bank’s shareholders obtained higher returns for their investment compared to those who invested in other financial institutions in India. HDFC Bank Limited (HDB) engages in the provision of banking and financial services, including commercial banking and treasury operations. The firm also provides financial services to upper- and middle-income individuals and corporations in India. Besides its country of origin, HDB also has major operations in the Middle East and Hong Kong. It is a subsidiary of Housing Development Finance Corporation. As the following analysis will show, HDB maintains consistently high shareholder returns by having sustainable interest margins and operational efficiency. It has also shown prudency towards risk. Therefore, it can be expected that HDB's returns will persist into the future. A buy or hold investment decision is thus suggested. Profitability Return on equity [ROE] is a primary indicator of a bank's profitability and efficiency in utilizing shareholder capital. Figure 1 shows that HDB's ROE has remained within the ranges of 17-16%. While this range is narrow, it is considerably higher than that of its primary rival. Additionally, it is also higher than the industry median in India (3.2%). The implication is that HDB's shareholders obtained higher returns for their investment compared to those who invested in other financial institutions in India. Additionally, and as will be discussed in subsequent sections, HDB was operationally more efficient and more risk prudent compared to the average bank in India. Finbox Figure 1: ROE trends HDB's primary activity is lending for a profit. Therefore, its performance on this front is of critical importance. One of the core measures useful in assessing HDB's performance with regard to profitability is net interest margin [NIM]. This is the ratio between a bank's net interest income and its total earning assets. As Figure 2 shows, HDB's NIM has been on a slight decline over the last four years. This outcome can be attributed to a general downward trend in interest rates charged by the Reserve Bank of India [RBI]. Specifically, the RBI had reduced the rate at which it lends money to commercial banks to record lows to ease the economic repercussions of the COVID-19 pandemic. This rate is an indicator of eventual commercial lending rates and suggests that HDB moved towards lowering its customer rates. Additionally, there has been consistent growth in earning assets during the four years. Nevertheless, HDB earned higher than average NIM compared to its rivals during this period. hdfcbank.com ; icicibank.com Figure 2: NIM trends Against this background of low interest margins, banks in India have the option of focusing revenue generation through noninterest sources. However, Figure 3 shows this avenue's importance in the revenue mix has grown steadily for HDB over the four years ending 2022. However, noninterest income has a limit in that in a nearly perfect market where customers primarily seek out commercial banks for services related to lending, excessive banking fees are likely to drive clients to a rival. It is likely that this realization is what led HDB's rival into reducing the role played by noninterest income in its revenue mix and as seen in Figure 3. hdfcbank.com;icicibank.com Figure 3: Non-interest income to gross revenue ratio trends Besides having superior NIM performance, HDB also had above-average asset efficiency. This is assessed by the return on assets [ROA] ratio which measures how efficient a bank is at utilizing scarce resources in deriving profits. HDB's superior asset returns are shown in Figure 4. However, it is necessary to note that HDB's ROA is on a near plateau at around 2%, while that of its main competitor has seen a sharp rise over the last four years. While this does not cast doubt on HDB's above-average performance, it suggests that the bank could learn from its rivals on ways to improve its asset utilization. hdfcbank.com;icicibank.com Figure 4: ROA trends In a market characterized by low interest margins, as denoted in Figure 2, it is imperative that banks have stringent control over their operating costs if they are to derive residual profits. To assess management's efficiency on this front, the ratio of operating costs to gross revenues is applied. Figure 5 shows that HDB has maintained a significantly lower operational efficiency ratio compared to its rival. This outcome has been attained despite HDB being larger than its competitors with respect to employee numbers. It is necessary to note that employee compensation often accounts for a considerable portion of operating costs in the banking industry. A subsequent inference is that HDB at the very least derived higher revenues per employee compared to its competitor. This is a major contributor to the bank's net income as evidenced in the ROA discussed earlier, which is also a profitability indicator. hdfcbank.com;icicibank.com Figure 5: Cost to income ratio trends Risk Analysis Besides a consideration of profit, a risk analysis is also paramount in the banking industry. As entities that lend money with uncertain chances of repayment, nonperforming assets are a key indicator as these represent that portion of loans that are considered overdue and have little chance of repayment. Furthermore, low nonperforming assets [NPAs] suggests a stringent lending culture that provides greater repayment assurance. Therefore, the NPA performance shown in Figure 6 is reflective of these considerations. Namely, HDB has a lower risk outlook and better lending practices compared to its rival.
Seeking Alpha • Jun 24

HDFC Bank: Best-In-Class Indian Bank Weighed Down By Transitory Headwinds

HDFC Bank continues to offer best-in-class asset quality within the Indian banking sector. The pending HDFC merger could result in near-term P&L headwinds but should pay off over the long run. The core fundamentals remain intact, with the retail business on a post-COVID recovery path and corporate outperformance set to continue. The stock trades at a discount to historical levels, offering long-term-oriented investors a compelling entry point.
Seeking Alpha • Apr 04

HDFC Bank: Turning A New Chapter Post RBI Restrictions

HDFC Bank is now in the clear as the RBI lifts its digital restrictions after a 15-month wait. The bank has taken steps to significantly upgrade its tech stack and governance, leaving it in better shape to unlock further growth. For a bank sustaining high-teens ROE and positioned for post-COVID tailwinds, the current valuation is attractive.
Seeking Alpha • Nov 28

HDFC: Well Positioned To Profit From India's Economic Upswing

HDFC has underperformed relative to peers largely as a result of the RBI ban. Fundamentally the bank is sound and although it lags in terms of net revenue growth, HDFC’s pristine asset quality levels and profitability are largely unaffected. Underperformance could offer an opportunity to acquire shares in a bank that offers a combination of profitability, stability, a consistent track record and long term growth potential.
Seeking Alpha • Sep 24

HDFC Bank: Long-Term Growth Potential Overshadowed By Short-Term Challenges

HDFC Bank's recent quarterly financial results indicate that its loan growth has slowed and asset quality has deteriorated, which are the market's key concerns about the company. On the flip side, HDFC Bank's growth runway appears to be long considering the opportunities with rural markets and small businesses. HDFC Bank is currently valued by the market at 25.8 times consensus forward next twelve months' P/E.
Seeking Alpha • Jul 08

With Banks Getting Ready To Kick Off Earnings Season, I Like HDFC Bank Better Than Most

HDFC Bank has seen earnings and revenue growth higher than the overall banking industry in recent years. The stock has pulled back since February and that has brought it into contact with a trend line that connects the lows from the last 16 months. Sentiment toward HDFC is considerably less optimistic than the large U.S. banks and that could help it going forward.

収支内訳

HDFC Bank の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。

収益と収入の歴史

NYSE:HDB 収益、費用、利益 ( )INR Millions
日付収益収益G+A経費研究開発費
31 Mar 262,833,154760,260577,4420
31 Dec 252,845,331745,101558,5720
30 Sep 252,683,703723,601540,7440
30 Jun 252,736,061705,753532,7610
31 Mar 252,728,471707,923526,6770
31 Dec 242,702,592695,798503,9020
30 Sep 242,625,236727,974477,1770
30 Jun 242,663,374681,665490,0240
31 Mar 242,288,379640,620466,6450
31 Dec 231,933,224590,341382,1570
30 Sep 231,381,623504,134525,8990
30 Jun 231,206,281487,884213,6120
31 Mar 231,130,321459,971311,3330
31 Dec 221,063,617438,457275,8430
30 Sep 221,008,132417,388264,2800
30 Jun 22960,154397,098257,2770
31 Mar 22911,858380,528247,6460
31 Dec 21875,561360,435230,8730
30 Sep 21828,142335,679238,7760
30 Jun 21804,006328,281218,3970
31 Mar 21777,974318,332214,9700
31 Dec 20752,659306,796202,4930
30 Sep 20774,294323,507204,5360
30 Jun 20715,435285,051199,7000
31 Mar 20712,309272,540196,8650
31 Dec 19698,242262,745186,7940
30 Sep 19665,892239,671196,7420
30 Jun 19646,879232,001174,0840
31 Mar 19620,129223,324168,5910
31 Dec 18585,962210,156157,6020
30 Sep 18561,237206,261157,9170
30 Jun 18540,648192,176152,9030
31 Mar 18523,911185,100151,3730
31 Dec 17481,142172,09969,6770
30 Sep 17477,325169,916149,4990
30 Jun 17454,586160,291105,5800
31 Mar 17441,166152,256139,9460
31 Dec 16422,287144,819133,4260
30 Sep 16403,409137,382126,9050
30 Jun 16388,419132,697119,1130
31 Mar 16373,429128,013111,3200
31 Dec 15355,511122,182109,8750
30 Sep 15337,593116,351108,4290

質の高い収益: HDBは 高品質の収益 を持っています。

利益率の向上: HDBの現在の純利益率 (26.8%)は、昨年(25.9%)よりも高くなっています。

フリー・キャッシュフローと収益の比較

過去の収益成長分析

収益動向: HDBの収益は過去 5 年間で年間18.7%増加しました。

成長の加速: HDBの過去 1 年間の収益成長率 ( 7.4% ) は、5 年間の平均 ( 年間18.7%を下回っています。

収益対業界: HDBの過去 1 年間の収益成長率 ( 7.4% ) Banks業界23.8%を上回りませんでした。

株主資本利益率

高いROE: HDBの 自己資本利益率 ( 13% ) は 低い とみなされます。

総資産利益率

使用総資本利益率

過去の好業績企業の発掘

7D

1Y

7D

1Y

7D

1Y

企業分析と財務データの現状

データ最終更新日（UTC時間）
企業分析2026/07/15 08:37
終値2026/07/15 00:00
収益2026/03/31
年間収益2026/03/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。

分析モデルとスノーフレーク

このレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。

シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。

業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

HDFC Bank Limited 37 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。78

アナリスト機関
null null360 ONE Capital Market Private Limited
Parth Gupta360 ONE Capital Market Private Limited
Ashwin MehtaAmbit Capital