HDFC Bank on Tuesday reported its decade's lowest profit growth of 23.1 per cent at Rs 2,326.5 crore for the January-March period of 2013-14.HDFC Bank had earned a reputation for delivering over 30 per cent profit growth for 37 straight quarters in the past 10 years (40 quarters).
This is for the third straight quarter HDFC Bank's profit Growth is falling below its targetted 30 per cent.For the October-December period, the bank's profit growth was 25 per cent at Rs 2,326 crore. In the preceding quarter, the rise was 27 per cent at Rs 1,982 crore.
“What has caused a lower growth rate in the bottom-line, certainly for this quarter and every single quarter in the past financial year, has been the higher effective tax rate,” Sukthankar told reporters.