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HDFC Bank Q1 net up 21 percent, lags estimates

Reuters  |  MUMBAI 

MUMBAI (Reuters) - HDFC Bank Ltd, India's second-biggest private sector lender by assets, reported its slowest quarterly earnings growth in more than a decade on higher-than-expected provisions.The Mumbai-based bank said net profit rose 21 percent to 22.33 billion rupees ($371 million) for its fiscal first quarter to end-June from 18.44 billion rupees a year earlier. Analysts had on average forecast a net profit of 23.21 billion rupees, according to Thomson Reuters data.Weaker economic expansion has squeezed credit growth for Indian lenders, slowing their earnings growth in recent quarters. ...

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First Published: Mon, July 21 2014. 16:59 IST
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