I just bought $HDFC Bank Ltd

I am starting to believe that in 2-3 yrs from now, in hindsight folks will talk of how HDFC twins - HDFC Bank and HDFC Limited were available for a steal.

My reason - HDFC Bank is growing their wholesale lending when NBFC competition is closing their wholesale book to focus on retail (eg: L&T Finance closing wholesale, Edelweiss says will shut down).

And btw they are managing it well with NPAs being lesser than retail book (see image).

In lending, money is often made on contrarian takes. Competition kills margins.