HDFC Bank reported strong PPoP growth of 28% YoY, driven by healthy NII growth of 22% (NIM at 4.3%), 27% increase in fees, and controlled opex with the C/I ratio declining to 38%. However, higher loan loss provisions (100bps), including contingent provisions of Rs3.2bn, limited YoY PAT growth at 20%; PAT stood at Rs55.6bn. Headline GNPA ratio was up marginally to 1.38% QoQ due to higher farm-loan NPAs stemming from loan waivers in three states; excluding the farm loan impact, the GNPA ratio remained largely flat YoY at 1.1%. The bank expects farm loan NPAs to remain high in the run-up to general elections; however, it believes that risk-adjusted returns on farm...