HDFC Bank’s (HDFC) Q4FY23 PAT at Rs120.5bn, up 19.8% YoY but down 1.7% QoQ, was broadly in line with I-Sec estimate. NII growth for the four quarters of FY23 averaged 20.4% vs. 11.0% for FY22. On the contrary, opex growth for the four quarters of FY23 averaged 27.2% vs 14.7% for FY22.