HDFC Bank's 20.3% YoY growth in PAT was in-line with estimates driven by a strong fee income and controlled opex ratios. Loan growth at 18.7% YoY, however, lagged our expectations albeit on a high base of 4QFY17. We expect the same to bounce back to recent trends as corporate lending picks up (single digit YoY growth in 4QFY18 vs avg. of 18% seen in first nine months of the year). Slippage ratio was at 1.86% for 4QFY18 vs Average of 2.2% in the past four quarters. Core fees grew a robust 30% YoY and should sustain at healthy rates as against mid-teens growth last few years. With controlled opex (core CI ratio improved by 180bps YoY), core PPOP registered a healthy 24.8% growth. In our view, HDFC...