HDFC Bank's proforma GNPA remain stable at 1.37% vs 1.36% QoQ; reported GNPA declined to 1.08%. Bank reported collection efficiency at 97% in September month which seems to be the best in the industry under current environment conditions. Profitability (PBT) impacted by contingent provisions (Rs.23bn) related to Covid-19 impact. PAT grew by 18% YoY due to lower effective tax rate (25.7% vs 29.5% YoY) as PBT grew by 12% YoY. NII grew by 17% YoY against a loan growth of 16% YoY ; margins decline due to higher liquidity. PPoP grew by 18% YoY as cost to income ratio improved (37% vs 39% YoY); fee income declined by 3% YoY as bank lost Rs.7bn on account of...