2QFY2015 Result Update | Banking
October 27, 2014
HDFC Bank
ACCUMULATE
Performance Highlights
CMP
Target Price
Particulars (` cr)
NII
Pre-prov. profit
PAT
2QFY15
5,511
4,060
2,381
1QFY15
5,172
3,844
2,233
% chg (qoq)
6.6
5.6
6.6
2QFY14
4,477
3,387
1,982
% chg (yoy)
23.1
19.9
20.1
Source: Company, Angel Research
HDFC Bank reported a healthy earnings performance for 2QFY2015, with a
bottom-line growth of 20.1% yoy to `2,381cr. Its NII grew by 23.1% yoy, aided by
a 21.8% yoy growth in advances.
Balance sheet grows strong; Asset quality remains healthy: During 2QFY2015,
the bank’s business, both deposits and advances, grew strong at 24.8% and
21.8% yoy, respectively. The core advances yoy growth adjusted for related
foreign currency loans stood at 18.8%. The retail loan book grew by 9.8% yoy;
within the retail loan portfolio, a healthy buildup was witnessed in Credit cards,
Personal loans and Home Loans, which grew by 28.9%, 19.8% and 19.5% yoy,
respectively. Auto loans grew in double digits at 16.2% yoy due to underlying
demand in auto sales. As a result, the retail contribution has improved to 48.3%
of total advances. Savings deposits grew at a healthy pace of 18.8% yoy, while
current deposits outpaced savings growth, with a 21.4% yoy growth. The CASA
ratio stood at 43.2%. Better loan book mix and reduction in cost of borrowings
have aided in expansion in NIM to 4.5%, up 20bp yoy. The Management has
given a guidance of 4.1-4.4% for NIM going forward.
The bank’s non-interest income (excl. treasury) de-grew by 3.3% yoy due to
lackluster performance on the forex income front, which fell by 55.8% yoy. Stable
currency and lower propreitory gains led to lower forex income. Fee income grew
at 13.4% yoy, due to pickup in third party business, especially mutual funds, and
traction in transactional banking fees. On the asset quality front, the Gross NPA
ratio fell marginally by 5bp qoq to 1.02%, while the Net NPA ratio remained flat
at 0.3%. The PCR (excl. write-offs) improved by 273bp qoq to 72.7% during the
quarter. Restructured advances declined by 10bp yoy at 0.1% of gross advances.
`897
`1,014
Investment Period
12 Months
Stock Info
Banking
2,16,444
1.1
909/618
3,10,525
2
26,851
8,015
HDBK.BO
HDFCB@IN
Sector
Market Cap (` cr)
Beta
52 Week High / Low
Avg. Daily Volume
Face Value (`)
BSE Sensex
Nifty
Reuters Code
Bloomberg Code
Shareholding Pattern (%)
Promoters
22.5
MF / Banks / Indian Fls
9.9
FII / NRIs / OCBs
33.8
Indian Public / Others
33.8
Abs. (%)
3m
1yr
3yr
Sensex
2.7
29.3
60.0
HDFC Bank
7.3
35.8
84.4
Outlook and valuation: Though the current earnings trajectory at 20%+ yoy is
lower than its illustrious track record of 30%+ earnings growth, still in light of the
current macro environment, it is impressive. Going forward, a likely economic
recovery would reflect in higher loan growth, which in our view, justifies a
premium valuation multiple. At CMP, the bank is trading at 3.5x FY2016E ABV.
We recommend an Accumulate rating on the stock, with a target price of `1014.
Key financials (standalone)
Y/E March (` cr)
NII
% chg
Net profit
% chg
NIM (%)
EPS (`)
P/E (x)
P/ABV (x)
RoA (%)
RoE (%)
FY2013
15,811
22.7
6,726
30.2
4.6
28.3
31.7
5.9
1.8
20.3
FY2014
18,483
16.9
8,478
26.0
4.4
35.3
25.4
5.0
1.9
21.3
FY2015E
22,484
21.7
10,196
20.3
4.4
42.5
21.1
4.2
1.9
21.5
Source: Company, Angel Research; Note: CMP as of October 23, 2014
Please refer to important disclosures at the end of this report
FY2016E
27,242
21.2
12,500
22.6
4.4
52.1
17.2
3.5
1.9
22.3
Vaibhav Agrawal
022 – 3935 7800 Ext: 6808
[email protected]
Umesh Matkar
022 – 3935 7800 Ext: 6847
[email protected]
1
HDFC Bank | 2QFY2015 Result Update
Exhibit 1: 2QFY2015 performance (standalone)
2QFY15
1QFY15
% chg (qoq)
2QFY14
% chg (yoy)
FY2014
FY2013
% chg
11,848
11,220
5.6
10,093
17.4
41,136
35,065
17.3
- on Advances / Bills
9,074
8,735
3.9
7,692
18.0
31,687
26,822
18.1
- on investments
2,614
2,339
11.7
2,292
14.1
9,037
7,820
15.6
148
121
21.5
84
75.4
356
282
26.4
Particulars (` cr)
Interest earned
- on balance with RBI & others
- on others
12
25
(49.7)
25
(51.3)
56
141
(60.3)
Interest Expended
6,337
6,048
4.8
5,617
12.8
22,653
19,254
17.7
Net Interest Income
5,511
5,172
6.6
4,477
23.1
18,483
15,811
16.9
Other income
2,047
1,851
10.6
1,844
11.0
7,920
6,853
15.6
Other income excl. treasury
1,952
1,826
6.9
2,018
(3.3)
7,809
6,691
16.7
- Fee & commission income
1,537
1,407
9.2
1,354
13.4
5,735
5,155
11.2
95
25
280.4
(173)
(154.9)
110
161
(31.6)
- Treasury income
- Forex & derivative income
222
224
(1.1)
501
(55.8)
1,401
1,010
38.7
Operating income
7,558
7,022
7.6
6,321
19.6
26,402
22,664
16.5
Operating expenses
3,498
3,178
10.1
2,934
19.2
12,042
11,236
7.2
- Employee expenses
1,167
1,126
3.6
1,036
12.7
4,179
3,965
5.4
- Other Opex
2,331
2,052
13.6
1,899
22.8
7,863
7,271
8.1
Pre-provision Profit
4,060
3,844
5.6
3,387
19.9
14,360
11,428
25.7
456
483
(5.6)
386
18.1
1,588
1,677
(5.3)
PBT
3,604
3,361
7.2
3,001
20.1
12,772
9,751
31.0
Provision for Tax
1,223
1,128
8.4
1,018
20.1
4,294
3,024
42.0
PAT
2,381
2,233
6.6
1,982
20.1
8,478
6,726
26.0
33.9
33.6
37bp
33.9
(1)bp
33.6
31.0
260bp
Provisions & Contingencies
Effective Tax Rate (%)
Source: Company, Angel Research
October 27, 2014
2
HDFC Bank | 2QFY2015 Result Update
Exhibit 2: 2QFY2015 performance analysis
Particulars
2QFY15
1QFY15
% chg (qoq)
2QFY14
% chg (yoy)
Balance sheet
Advances (` cr)
3,27,273 3,12,109
4.9 2,68,617
21.8
Deposits (` cr)
3,90,682 3,72,074
5.0 3,13,011
24.8
Credit-to-Deposit Ratio (%)
Current deposits (` cr)
83.8
83.9
(11)bp
85.8
(205)bp
57,803
54,348
6.4
47,570
21.5
Saving deposits (` cr)
1,10,810 1,05,639
4.9
93,285
18.8
CASA deposits (` cr)
1,68,613 1,59,987
5.4 1,40,855
19.7
CASA ratio (%)
43.2
43.0
16bp
45.0
(184)bp
CAR (%)
15.7
15.1
60bp
14.6
110bp
Tier 1 CAR (%)
11.8
11.1
70bp
9.9
190bp
Profitability Ratios (%)
Reported NIM
Cost-to-income ratio
4.5
4.4
10bp
4.3
20bp
46.3
45.3
102bp
46.4
(14)bp
Asset quality
Gross NPAs (` cr)
3,362
3,356
0.2
2,942
14.3
Gross NPAs (%)
1.02
1.07
(5)bp
1.1
(7)bp
Net NPAs (` cr)
917
1,007
(8.9)
767
19.6
Net NPAs (%)
0.3
0.3
(2)bp
0.3
(2)bp
72.7
70.0
273bp
73.9
(121)bp
Provision Coverage Ratio (%)
Source: Company, Angel Research
Business grows at a good pace
During 2QFY2015, the bank registered an above-industry average growth in
advances at 21.8% yoy. The same was largely aided by robust traction in the nonretail loan portfolio, which is up 35.7% yoy. Though the retail loan book growth
was lower at 9.8% yoy during the quarter, within the retail loan portfolio, a strong
buildup was witnessed in Personal loans which grew 19.8% yoy; while two-wheeler
loans, Home loans and Credit cards registered a healthy growth of 17.2%, 19.5%
and 28.9% yoy respectively. Car loans saw a growth of 16.2% yoy; mainly due to a
pick-up in auto sales during the quarter.
Overall, the share of retail advances to overall domestic loan book came in at
48.3%. Savings deposits grew at a healthy pace of 18.8% yoy, while current
deposits outpaced savings growth, with 21.4% yoy growth. The CASA ratio stood at
43.2%.
October 27, 2014
3
HDFC Bank | 2QFY2015 Result Update
Exhibit 3: Personal loans/Credit cards aid Retail loan book growth
2QFY15 1QFY15 % chg (qoq) 2QFY14 % chg (yoy) % to total
Particulars (` cr)
Auto Loans
37,778
34,794
8.6
32,516
16.2
23.9
CVCE
13,857
13,315
4.1
16,956
(18.3)
8.8
Two Wheelers
3,624
3,433
5.6
3,091
17.2
2.3
Personal Loans
23,137
21,461
7.8
19,314
19.8
14.6
Business Banking
21,963
22,262
(1.3)
25,704
(14.6)
13.9
1,050
974
7.8
942
11.5
0.7
Loans Against Securities
Credit Cards
14,005
13,272
5.5
10,862
28.9
8.9
Home loans
19,558
19,574
(0.1)
16,372
19.5
12.4
Others
23,154
21,162
9.4
18,221
27.1
14.6
5.2 1,43,978
9.8
100.0
Retail Advances
1,58,126 1,50,247
Source: Company, Angel Research
NIM grows by 10bp sequentially
Better loan book mix and reduction in cost of borrowings aided in expansion in
NIM to 4.5%, up 20bp yoy. Also, higher current account deposits (21.1% yoy
growth), average CASA ratio and pickup in yields on investments resulted in a
higher NIM. HDFC Bank has had a rapid expansion of branches, mostly in semiurban and rural areas, over the last ten quarters (~1,300 branches added during
the period), thereby taking its total branch network to 3,600. This should aid it in
maintaining an above-system average retail loan growth on the asset side and
should also aid CASA accretion on the liability side.
Exhibit 4: Strong business growth
(%)
30.0
2QFY14
3QFY14
Exhibit 5: Reported NIM improves 10bp qoq
4QFY14
1QFY15
2QFY15
(%)
4.7
4.5
22.5
4.3
4.3
4.4
4.4
4QFY14
1QFY15
4.5
4.2
4.1
15.0
24.8
22.7
24.0
22.9
14.2
21.8
20.7
26.4
22.9
16.0
3.9
7.5
3.7
3.5
Advances
Source: Company, Angel Research
October 27, 2014
Deposits
2QFY14
3QFY14
2QFY15
Source: Company, Angel Research
4
HDFC Bank | 2QFY2015 Result Update
Exhibit 6: CASA ratio stable qoq
Exhibit 7: CASA growth remains healthy for the bank
(%)
45.0
44.8
43.0
41.4
43.2
40.0
20.0
10.0
35.0
SA growth (%)
18.8
14.7
19.7
15.3
Source: Company, Angel Research, Note: *adjusting for FCNR (B) deposits
Source: Company, Angel Research
Exhibit 8: Capital adequacy remains healthy
Exhibit 9: Steady branch expansion continues
20.0
Tier-I CAR (%)
16.8
16.0
15.0
4.7
4.8
Tier-II CAR (%)
14.6
4.3
14.7
16.1
Branches
4,000
11,177 11,473
ATMs (RHS)
11,256
11,426
11,515
10,500
3,000
9,000
2,500
7,500
11.8
3,600
11.1
3,488
11.8
3,403
9.9
3,336
9.9
3,251
10.0
5.0
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
2,000
1,500
2QFY14*
3QFY14*
4QFY14**
1QFY15
2QFY15
Source: Company, Angel Research Note *as per Basel III **including profits
13,500
12,000
3,500
3.9
4.0
2QFY15
2QFY15
1QFY15
1QFY15
4QFY14
4QFY14
3QFY14
3QFY14*
2QFY14
2QFY14
1QFY14
30.0
4QFY13
2QFY13
3QFY13
45.0
CASA growth (%)
30.0
50.0
6,000
4,500
3,000
Source: Company, Angel Research
Non-interest income (excl. treasury) de-grew
During 2QFY2015, the non-interest income (excluding treasury) for the bank
de-grew by 3.3% yoy, due to lackluster performance on the forex income front,
which fell by 55.8% yoy. The fees and commission income grew at 13.4% yoy due
to pickup in third party business, especially mutual funds, and traction in
transactional banking fees. HDFC Bank earns 80% of fees from the retail segment
and the rest from the wholesale segment. Overall, other income for the bank
increased by 11% yoy, during the quarter.
Exhibit 10: Non-interest income (excl. treasury) de-grew
Particulars (` cr)
2QFY15
1QFY15
% chg (qoq)
2QFY14
1,537
1,407
9.2
1,354
13.4
95
25
280.4
(173)
(154.9)
222
224
(1.1)
501
(55.8)
19.7
Fees & Commission
Treasury Income
Forex Income & Others
Other
% chg (yoy)
194
195
(0.6)
162
Other income
2,047
1,851
10.6
1,844
11.0
Other income excl. treasury
1,952
1,826
6.9
2,018
(3.3)
Source: Company, Angel Research
October 27, 2014
5
HDFC Bank | 2QFY2015 Result Update
Asset quality remains healthy
On the asset quality front, the Gross NPA ratio fell marginally by 5bp qoq to
1.02%, while the Net NPA ratio remained flat at 0.3%. The PCR (excl. write-offs)
improved by 273bp qoq to 72.7% during the quarter. Restructured advances
declined by 10bp yoy at 0.1% of gross advances. The bank has floating provisions
to the tune of `1,730cr as on 2QFY2015.
Exhibit 11: Asset quality remains impeccable
1.2
Gross NPAs (%)
73.9
0.9
Net NPAs (%)
PCR (Calc, %, RHS)
73.6
80.0
72.7
72.6
70.0
0.6
70.0
0.3
1.0
0.3
1.1
0.3
1.0
0.3
1.0
0.3
1.1
0.3
0.0
60.0
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
Source: Company, Angel Research
October 27, 2014
6
HDFC Bank | 2QFY2015 Result Update
Outlook & Valuation
We believe HDFC Bank is among the most competitive banks in the sector, with an
A-list Management at the helm of affairs, which has one of the best track records
in the sector. We believe the bank is well positioned for high qualitative growth,
with strong CAR, and robust asset quality. Though the current earnings trajectory at
20%+ yoy is lower than its illustrious track record of 30%+ earnings growth, still in
light of the current macro environment, it is impressive. Going forward, a likely
economic recovery would reflect in higher loan growth, which in our view, justifies
a premium valuation multiple. At CMP, the bank is trading at 3.5x FY2016E ABV.
We recommend an Accumulate rating on the stock, with a target price of `1,014.
Exhibit 12: Recommendation summary
CMP
(`)
Tgt. price
(`)
Upside
(%)
FY2016E
Tgt. P/ABV (x)
FY2016E
P/E (x)
FY2014-16E
EPS CAGR (%)
FY2016E
RoA (%)
FY2016E
RoE (%)
897
1,014
13.1
1,576
1,881
19.3
3.5
4.0
17.2
21.4
1.9
22.3
2.0
2.5
13.7
16.2
1.5
15.6
742
19.6
1.9
2.3
10.7
13.9
1.6
19.0
424
501
2,582
2,974
18.2
2.0
2.4
11.7
16.8
1.8
18.0
15.2
1.4
1.4
10.6
29.0
0.8
13.9
142
26
134
(5.2)
1.4
1.4
11.3
13.1
1.2
13.2
36
36.8
0.9
1.2
6.1
6.8
0.9
15.0
Accumulate
890
1,021
14.8
0.9
1.0
6.3
15.5
0.8
14.2
PNB
UcoBk
Buy
935
1,087
16.3
0.9
1.0
6.1
28.3
0.8
13.8
Buy
81
101
24.2
0.6
0.8
4.3
13.1
0.7
15.0
BOI
Buy
268
317
18.6
0.6
0.7
4.4
19.5
0.6
12.9
UnionBk
Accumulate
221
235
6.2
0.7
0.8
5.0
25.2
0.6
13.5
CanBk
Accumulate
387
410
6.1
0.7
0.7
5.2
19.1
0.6
12.4
IDBI#
Accumulate
67
76
13.2
0.4
0.5
5.0
38.7
0.5
8.9
DenaBk
Buy
62
75
22.0
0.5
0.6
4.0
22.0
0.6
11.5
Company
Reco.
HDFCBk
Accumulate
ICICIBk*
Buy
YesBk
Buy
621
AxisBk
Buy
SBI*
Buy
FedBk
Reduce
SIB
Buy
BOB
FY2016E
P/ABV (x)
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
Company Background
HDFC Bank is the second-largest private sector bank in India with a pan-India
network of over 3,600 branches and nearly 11,515 ATMs. The bank is promoted
and 22.5% owned by HDFC, India's largest housing finance company. HDFC Bank
has been at the forefront of modern retail banking in India. The bank has
pioneered the transaction banking model in India, which has enabled it to garner
substantial CASA deposits as well as fee income, while the focus on retail lending
(which forms ~48% of total loans) has further helped the bank in maintaining
above-industry margins.
October 27, 2014
7
HDFC Bank | 2QFY2015 Result Update
Income statement
Y/E March (` cr)
Net Interest Income
- YoY Growth (%)
Other Income
- YoY Growth (%)
Operating Income
- YoY Growth (%)
Operating Expenses
- YoY Growth (%)
Pre - Provision Profit
- YoY Growth (%)
Prov. & Cont.
- YoY Growth (%)
Profit Before Tax
FY10
FY11
FY12
FY13
FY14
FY15E
FY16E
8,386
10,543
12,885
15,811
18,483
22,484
27,242
13.0
25.7
22.2
22.7
16.9
21.7
21.2
3,983
4,335
5,784
6,853
7,920
8,413
9,769
14.8
8.8
33.4
18.5
15.6
6.2
16.1
12,370
14,878
18,668
22,664
26,402
30,897
37,011
13.6
20.3
25.5
21.4
16.5
17.0
19.8
5,940
7,153
9,278
11,236
12,042
13,744
16,149
4.5
20.4
29.7
21.1
7.2
14.1
17.5
6,430
7,725
9,391
11,428
14,360
17,153
20,861
23.5
20.2
21.6
21.7
25.7
19.5
21.6
2,141
1,907
1,877
1,677
1,588
1,821
2,065
12.2
(10.9)
(1.5)
(10.7)
(5.3)
14.7
13.4
4,289
5,819
7,513
9,751
12,772
15,332
18,796
- YoY Growth (%)
30.0
35.7
29.1
29.8
31.0
20.0
22.6
Prov. for Taxation
1,340
1,892
2,346
3,024
4,294
5,136
6,297
- as a % of PBT
PAT
- YoY Growth (%)
31.3
32.5
31.2
31.0
33.6
33.5
33.5
2,949
3,926
5,167
6,726
8,478
10,196
12,500
31.3
33.2
31.6
30.2
26.0
20.3
22.6
Balance sheet
Y/E March (` cr)
Share Capital
Reserves & Surplus
Deposits
- Growth (%)
Borrowings
Tier 2 Capital
Other Liab. & Prov.
Total Liabilities
FY11
FY12
FY13
FY14
FY15E
FY16E
458
465
469
476
480
480
480
21,065
24,914
29,455
35,738
42,295
50,866
60,504
167,404 208,586 246,706 296,247 367,337
4,48,152
5,46,745
17.2
24.6
18.3
20.1
24.0
22.0
22.0
7,012
7,447
13,250
16,963
39,428
29,601
35,782
5,904
6,947
10,597
16,044
15,643
15,643
15,252
20,616
28,993
37,432
34,864
26,436
47,269
56,873
222,459 277,353 337,910 400,332 491,619
5,92,010
7,15,635
Cash Balances
15,483
25,101
14,991
14,627
25,348
22,408
27,337
Bank Balances
14,459
4,568
5,947
12,653
14,237
17,760
21,469
58,608
70,929
97,483 111,614 120,967
1,54,555
1,82,643
125,831 159,983 195,420 239,721 303,000
3,63,600
4,43,592
20.0
22.0
Investments
Advances
- Growth (%)
27.3
27.1
22.2
22.7
21.0
Fixed Assets
2,123
2,171
2,347
2,703
2,940
3,538
4,148
Other Assets
5,955
14,601
21,722
19,014
25,127
30,150
36,446
222,459 277,353 337,910 400,332 491,619
5,92,010
7,15,635
20.4
20.9
Total Assets
- Growth (%)
October 27, 2014
FY10
21.4
24.7
21.8
18.5
22.8
8
HDFC Bank | 2QFY2015 Result Update
Ratio Analysis (standalone)
Y/E March
FY10
FY11
FY12
FY13
FY14
FY15E
FY16E
4.3
4.4
4.5
4.6
4.4
4.4
4.4
Profitability ratios (%)
NIMs
48.0
48.1
49.7
49.6
45.6
44.5
43.6
RoA
1.5
1.6
1.7
1.8
1.9
1.9
1.9
RoE
16.1
16.7
18.7
20.3
21.5
21.5
22.3
CASA Ratio
52.0
52.7
48.4
47.4
44.8
45.2
45.9
Credit/Deposit Ratio
75.2
76.7
79.2
80.9
82.5
81.1
81.1
CAR
17.4
16.2
16.5
16.8
17.1
15.1
14.2
- Tier I
13.3
12.2
11.6
11.1
11.9
11.5
11.3
Gross NPAs
1.4
1.0
1.0
1.0
1.5
1.0
1.0
Net NPAs
0.3
0.2
0.2
0.2
0.6
0.3
0.3
Slippages
2.6
1.1
1.0
1.0
1.9
1.5
1.4
Cost to Income Ratio
B/S ratios (%)
Asset Quality (%)
Loan Loss Prov. /Avg. Assets
Provision Coverage
1.0
0.3
0.4
0.3
0.4
0.3
0.3
78.4
82.5
82.3
79.3
58.5
73.0
71.5
Per Share Data (`)
EPS
12.9
16.9
22.0
28.3
35.3
42.5
52.1
ABVPS (75% cover.)
94.0
109.1
127.5
152.2
175.2
213.7
253.5
2.4
3.3
4.3
5.5
6.9
8.3
10.2
DPS
Valuation Ratios
69.6
53.1
40.7
31.7
25.4
21.1
17.2
P/ABVPS (x)
9.5
8.2
7.0
5.9
5.0
4.2
3.5
Dividend Yield
0.3
0.5
0.6
0.8
0.9
1.0
1.2
NII
4.1
4.2
4.2
4.3
4.2
4.1
4.2
(-) Prov. Exp.
1.1
0.8
0.6
0.5
0.4
0.3
0.3
Adj. NII
3.1
3.5
3.6
3.8
3.8
3.8
3.9
Treasury
0.2
(0.0)
(0.0)
0.0
0.0
0.0
0.0
Int. Sens. Inc.
3.3
3.4
3.5
3.9
3.8
3.9
3.9
Other Inc.
1.8
1.8
1.9
1.8
1.8
1.5
1.5
Op. Inc.
5.0
5.2
5.5
5.7
5.6
5.4
5.3
Opex
2.9
2.9
3.0
3.0
2.7
2.5
2.5
PBT
2.1
2.3
2.4
2.6
2.9
2.8
2.9
Taxes
0.7
0.8
0.8
0.8
1.0
0.9
1.0
RoA
1.5
1.6
1.7
1.8
1.9
1.9
1.9
Leverage
11.1
10.7
11.1
11.2
11.3
11.4
11.6
RoE
16.1
16.7
18.7
20.3
21.6
21.5
22.3
PER (x)
DuPont Analysis
Note: FY2013 onwards ratios reflect revised accounting practices
October 27, 2014
9
HDFC Bank | 2QFY2015 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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Disclosure of Interest Statement
HDFC Bank
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
October 27, 2014
Buy (> 15%)
Reduce (-5% to -15%)
Accumulate (5% to 15%)
Sell (< -15%)
Neutral (-5 to 5%)
10