HDFCB's PAT at Rs100.6bn was a miss (PLe: Rs115.04bn), due to weaker NII and other income although opex was lower. Asset quality was stable and OTR pool is ~1.1% of loans. NII traction remained softer than loan growth due to non-retail focus. HDFCB's credit accretion in the recent past has been primarily led by wholesale and CRB, since credit standards were tightened in retail due to COVID. This has been a drag on margins. Loan mix in terms of non-retail/retail stands at 61/39 compared to 50/50 pre-pandemic. Balance sheet strength is suggested by a PCR of 70%+, contingent provisions at...