MUMBAI, July 21 HDFC Bank Ltd, India's
second-biggest private sector lender by assets, reported on
Monday a 21 percent rise in quarterly profit, lagging estimates,
although asset quality remained stable.
The Mumbai-based bank said net profit rose 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. The sector is betting on a revival in economic
activity after the new government led by Prime Minister Narendra
Modi took power in May.
($1 = 60.1850 Indian Rupees)
(Reporting by Devidutta Tripathy; Editing by Prateek