We attended HDB’s AGM on April 23. The meeting’s main agenda was to propose a stock dividend plan (402.2 million shares — 25% of outstanding shares) and ESOP issuance plan (40 million shares — 2.5% of current outstanding shares). The Q&A session focused on HDB’s business outlook and impact from COVID-19’s disruptions. 2021 guidance includes credit growth of 26% YoY, funding (including customer deposits, interbank deposits & borrowings, valuable papers, and borrowed & entrusted funds)