HDFC Bank Ltd. (HDFCB) posted stellar performance for Q4FY18 which came in line with our estimates. While NII growth remained healthy on the back of strong interest income, robust fee income, low C/I led to above 20% growth in profit. There was positive surprise on assets quality front with low slippage at Rs27.9 bn (Rs45.9 bn in Q3FY18) and stable GNPA at 1.3%. While, wholesale advances growth remained subdued at 11.8% YoY due to higher base effect in Q4FY18, overall advances growth at 18.7% YoY remained satisfactory bolstered by sturdy growth momentum in retail credit. HDFCB is the market leader in retail loan segment, the...