Independent market expert Mahantesh Sabarad believes that while the margins of HDFC Bank have not disappointed, the phase of improvement in asset quality seems to be over and future growth may not be uniform across the sector. Sabarad also mentions that the NIM (Net Interest Margin) number is slightly better than expected, and the solid profitability is due to a decrease in overall costs. He cautions that it is too early to determine if HDFC Bank can sustain its growth rate of 18-20% in the coming quarters.