HDFC Bank reported strong profitability numbers, better than market and our estimates. PAT grew by 26% YoY led by higher other income (up 39% YoY). NII grew modestly by 15% YoY against a loan growth of 20% YoY due to a decline in its margins. NIM declined by 10bps QoQ to 4.2% due to higher LCR on books to support strong growth going forward while fee income growth remained strong at 23% YoY. In expectation of seasonal headwinds settling down, we have largely retained our...