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HDFC Bank (HDB) recently reported a mixed set of 3QFY20 numbers - PAT grew 32.8% YoY, and Pre-provision Operating Profit (PPOP) grew 20.1% YoY, driven primarily by core fee income growth of 24.1% YoY. Domestic loan growth was 20.9% YoY aided by strong growth in the corporate segment (+29.3% YoY), offset by lower growth in retail loans (+14.1% YoY), leading to NIMs of 4.2%. Yet, the bank's asset quality deteriorated in the quarter as seen by the 4 bps QoQ increase in Gross NPAs to 1.42%, as agriculture segment NPAs remain pressured.