HDFC Bank's asset quality continues to remain stable and also one of the best in the sector. Gross and Net non-performing asset (NPA) ratios remain broadly stable at 1.3% (no change QoQ) and 0.4% (1 bps QoQ), respectively. Higher provisions helped the bank to improve its provision coverage ratio (PCR) by 75 bps sequentially to 69.9%. Notably, the bank has reviewed its existing NBFC portfolio and believes that the portfolio is well-positioned as around 85% of its NBFC exposure (5.1% of total loans) has the highest rating based on its internal ratings. Further, the bank does not have any significant exposure to construction or developer financing and the management doesn't see any concerns on its real estate portfolio. Hence, we don't expect any...