In Q4FY19 profitability numbers for HDFC Bank have come largely in line with our estimates. PAT growth has been 23% YoY following the same trajectory in NII. Loan growth is healthy at 24% YoY along with stable NIMs of 4.3%. Fee income growth remained muted at 10%. Slippages are back to 1.8% as against 2.1% last quarter. We have retained our estimates unchanged for FY20 and introduce our estimates for FY21. We roll over to FY21 and maintain BUY rating with new TP of Rs2,870 (Rs2,500 earlier) valuing the stock at 4.1x (20% premium to 10 year mean) P/ABV FY21. Key Highlights and Investment Rationale...