-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下： 2026財年（截至3月）淨利成長7.4%至7603億印度盧比，符合我們的預期，這主要得益於貸款成長、其他收入增強以及成本效益的提高。貸款成長加速（+12%），存款基礎進一步鞏固（+14.3%）。儘管存貸比仍高達98.4%，且存款成長主要由定期存款推動，但這反映出HDFC在鞏固存款基礎、改善流動性狀況和減少對批發融資的依賴方面取得了穩步進展。我們認為，在企業和中小微型企業的推動下，HDFC的貸款成長動能將得以維持。定期存款佔比增加以及2025年12月基準回購利率下調25個基點的影響，將對淨利差構成一定壓力。但HDFC融資基礎的結構性轉變將使其淨利差在2027財年保持穩定。我們預計，成本效率的提高（得益於技術/數位轉型）和穩定的資產品質（這將使信貸成本保持在較低水平）將支撐盈利能力，HDFC預計其資產回報率將在2027財年維持在2026財年約1.9%的水平。
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