18 January 2020 HDFCB reported core PPoP growth of 19% YoY while elevated provisions resulted in PBT growth of 16% YoY. PAT at 33% YoY was aided by lower tax rate. Slippages were elevated though the operating performance remained strong with stable margins, robust fee growth and improving C/I ratio. We fine-tune our estimates factoring in strong other income and higher provisions as the bank has created certain specific provisions. Maintain PAT grew 33% YoY led by treasury income of INR6.8b, NCLT recovery came in at INR2b. Fees were robust even as provisions increased. NII grew 13% YoY to INR141.7b (in-line) with margins stable at 4.2%. Core fee income grew 24% YoY to INR45.3b, driving 19% YoY growth in total revenues. Opex grew ~18% YoY as the bank added 382 branches and ~18k employees over the past year. C/I ratio stood at 37.9% (-90bp QoQ, -61bp QoQ in core-cost income).