20 April 2019 HDFCBs PAT increased 22.6% YoY to INR58.9b (in-line) in 4QFY19 on account of healthy loan growth, improved margins and lower provisions. NII grew 23% YoY to INR130.9b (in-line), while the margin expanded 10bp QoQ/YoY to 4.4%. NII/ PPoP/PAT grew by 20%/22%/20% to INR482b/INR397b/INR210b. The C/I and cost-to-core income ratios improved 133bp and 183bp to 39.7% and 39.9%, respectively. Core fee income grew by just 11% YoY to INR36.9b, mainly due to a sharp decline in mutual fund distribution fees and a slowdown in disbursements in the unsecured book .Treasury gain of INR2.3b in the quarter as against INR0.22b in the year-ago period led to an acceleration in other income growth to 15% YoY to INR48.