HDFC Bank has reported another quarter with PAT growth of 20% YoY. Contingency provision of Rs3.2bn was made against likely slippage in agriculture segment. Loan growth is healthy at 24% YoY along with stable NIMs of 4.3%. Fee income growth is strong at 27%, along with windfall treasury profits of Rs4.7bn. Slippages are tad higher at 2.1% as against 1.8% last quarter attributable to higher delinquencies in agriculture segment. We retain our BUY rating with a TP of Rs2,500 (Rs2,380 earlier) valuing the...