HDFC bank continues to maintain strong and stable asset quality as Gross and Net nonperforming asset (NPA) ratios remain broadly stable at 1.3% (3 bps QoQ) and 0.4% (1 bps QoQ), respectively. Slippages have marginally increased to 2.1% as against 1.7% in Q4FY18 attributable to higher stress in agriculture sector. However, management remains confident of stable trends in asset quality. The provision coverage ratio (PCR) also remained steady at 69%. Notably, Gross NPA ratio has remained around 1% during the last eight years whereas restructured loans remain miniscule which provides further comfort. Hence, we don't expect any major negative surprises...