HDFC Bank Ltd. (HDFCB) reported another stellar performance for Q1FY18 with net profit growing by 20.2% YoY in line with our estimates. During the quarter, the bank witnessed growth in NII & business and NIM improved by 10 bps to 4.4% driven by strong assets growth and operating efficiencies. However, owing to high slippage from agriculture portfolio, assets quality deteriorated in the reported quarter with GNPA ratio increasing by 19 bps QoQ to 1.24%. Q1 FY18 Result Analysis: Net Interest Income (NII) grew by 20.4% YoY and 3.5% QoQ on the back of high interest income and low cost of funds. While strong...