Retail engine takes a breather downgrade to ADD HDFC Bank's (HDFCB) Q4FY19 PAT at Rs 59bn grew 22.6% YoY led by 23% YoY growth in NII and a 15% QoQ dip in provisions. Loan growth was strong at 25% YoY and NIM rose 10bps QoQ to 4.4%. However, retail loan momentum has slowed to 19%, the lowest since Q1FY16. Being cautious on the agri portfolio, HDFCB has made contingent provisions in anticipation of higher delinquency in Q1FY20. We maintain our Mar'20 TP of Rs 2,510 but cut our rating from...