On the earnings front, HDFC Bank posted a robust quarter with PAT growing to Rs. 38938 mn, up 20.2% yoy (down 2.4% qoq primarily on account of higher provisioning). Advances for the quarter grew 23.4% against expectation of 19-20% growth, thus outperforming the industry average and gaining market share in the total system credit. Total interest income grew 13% yoy (3.1% qoq), with advances yield at 10.2% against 10.3% for Q4FY17 and 10.7% for Q1FY17. NIM came in at 4.5%, down 4 bps qoq and largely unchanged on yoy basis. The improvement in NIM was partially driven by strong CASA improvement which stood at 44% for the quarter against 40% for Q1FY71 but down ~400 bps qoq. Other income grew strongly with fees and commission income growing 30% yoy, thus aiding total income grow of 21.7% yoy (3.1% qoq). Improvement in operational efficiency helped operating profit which grew 29.2% yoy and 3.3% qoq. Asset quality deteriorated mainly on account of farm loan waivers (60% incremental slippages pertained to agri farm loan waivers) with GNPAs at 1.24%, up 20 bps yoy and 19 bps qoq (Net NPA 0.44%, up 12 bps yoy and 11 bps qoq). Annualised...