HDFC Bank's profitability numbers for Q1FY20 have come largely in line with our estimates with PAT growth of 21% and NII growth of 23% YoY. Loan growth remained a bit tepid during the quarter at 17%. NIM improved by 10bps YoY to 4.3% while fee income growth remained muted at 12%. In expectation of seasonal headwinds settling down, we have largely retained our estimates and maintain BUY with a TP of Rs2,870...