After the Q3 miss, HDFCB largely ticked all the boxes in Q4 – delivering betterthan-expected deposit growth (over Rs1.7trn QoQ), positively surprising on themargin front (over 3bps QoQ) to 3.63% despite the sharp fall in LDR to 104%and accelerated branch expansion. HDFCB utilized HDFC Credila’s stake salegains of Rs73bn and tax reversal due to favorable court order to shore-upcontingent provision buffer (over Rs109bn QoQ) to 1.1% of loans.