India’s largest private lender HDFC Bank Ltd. reported results on Saturday and will be reacting to those earnings in Monday’s trading session.

For the September quarter, the lender’s Net Interest Income (NII) increased by 10% from last year to ₹30,114.9 crore, while its net profit increased by 5.3% from last year to ₹16,821 crore.

This is also the first quarter that the lender reported after the merger with HDFC, that was be comparable on a year-on-year basis.

Asset quality remained stable with Gross NPA at 1.36% from 1.33% last quarter, while its Net NPA stood at 0.41% from 0.39% last quarter.

Brokerage firm Bernstein believes that HDFC Bank appears almost immune to the troubles that its peer lenders are facing such as the decline in Net Interest Margins (NIMs) and the rising credit costs.

HDFC Bank’s Net Interest Margin during the quarter stood at 3.46% from 3.47% in June and 3.4% during the year-ago quarter.

Bernstein highlighted that the September quarter results were almost a resemblance to pre-2020 when earnings delivered nearly no surprises.

However, the brokerage believes that HDFC Bank has a big gap to bridge on both Return on Assets (RoA) and on the growth front but appears to be moving along steadily.

Bernstein has an “outperform” rating on HDFC Bank with a price target of ₹2,100 per share.

Goldman Sachs has a “buy” recommendation on HDFC Bank with a price target of ₹2,156.

The brokerage said that the second quarter had better visibility on earnings going forward and the xcore Pre-Provisioning Operating Profit Return on Assets (RoA) of 2.7% marked the second straight quarter of improvement.

Out of the 47 analysts that have coverage on HDFC Bank, 38 of them have a “buy” rating, while nine of them have a “hold” recommendation.

Shares of HDFC Bank ended 0.7% higher on Friday at ₹1,684.8. The stock is flat on a year-to-date basis, with losses of 0.8% so far.