HDFC Bank reported strong profitability numbers, better than market and our estimates. PAT grew by 33% YoY led by higher other income (up 36% YoY). NII grew modestly by 13% YoY against a loan growth of 20% YoY due to a decline in its margins. PPoP grew by 20% YoY as cost to income rate improved to 38%; fee income growth remained strong at 23% YoY. In expectation of seasonal headwinds settling down, we...