CITI ON HDFC BANK ; BUY | TP CUT TO ₹880 FROM ₹970

• NIMs compressed, but fee income helped support PPoP. • Limited balance-sheet buffer could cap relative growth trajectory. • Asset quality remains resilient; seasonal agri stress is easing. • Credit costs maintained at ~46 bps. • Execution remains key amid the ongoing leadership transition.

HDFC BANK LTD

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