India's HDFC Bank Q4 net profit growth slowest in a decade

NEW DELHI, April 22 Tue Apr 22, 2014 5:00am EDT

Related Topics

NEW DELHI, April 22 (Reuters) - HDFC Bank Ltd, India's third-biggest lender by assets, said its quarterly net profit grew at the slowest pace in a more than a decade, slightly lagging estimates, as a weaker economy led to a slowdown in lending.

The Mumbai-based bank said net profit rose 23 percent to 23.27 billion rupees ($384.79 million) for its fiscal fourth quarter to March from 18.9 billion rupees in the same year-ago period. Analysts had on average forecast a net profit of 23.91 billion rupees, according to Thomson Reuters data.

Net interest income, the difference between interest earned and paid out, rose 15.3 percent to 49.53 billion rupees in the three months to March, HDFC Bank said on Tuesday. ($1 = 60.4750 Indian Rupees) (Reporting by Devidutta Tripathy; Editing by Miral Fahmy)

FILED UNDER: