HDFC's PAT grew by 15% YoY, 4% higher than street estimates. Healthy loan growth as well as AUM growth of 18%, if one adds back loans sold over last year, then the adjusted loan growth is 23% Higher AUM growth driven by non-individual loan growth of 24%, whereas growth in individual segment was relatively modest at 16% Spreads are flattish at 2.29% on a YoY basis, spreads on individual as well as nonindividual loans remains flattish at 1.92% and 3.07% respectively. Stable asset quality with GNPA increased by 2bps sequentially to 1.14% attributable...