For HDFC Bank investors, used to seeing gross non-performing assets (NPAs) of about 1 per cent, the June quarter (Q1) result is certainly an aberration. The gross NPA ratio ebbed higher, coming in at 1.24 per cent, near about the bank’s 10-year historic average of about 1.3 per cent. Paresh Sukthankar, deputy managing director, said of the total increase in gross NPAs, 60 per cent pertained to the agricultural segment. Recoveries were relatively weak in this segment due to farm loan waivers announced by various state governments. According to the bank’s FY17 annual report, it had exposure of Rs77,921 crore