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Shares of HDFC Bank Ltd. (HDB - Analyst Report) touched a new 52-week high of $50.11 on Aug 18. The stock closed the session at $49.92, reflecting a solid year-to-date return of 48.9%. The trading volume for the session was 443,225 shares. The long-term expected earnings per share growth rate for this foreign bank presently stands at 30.0%

Strong first-quarter fiscal 2015 results, including the bank’s successful efforts to expand its branch network, drove its stock price to the new high.

On Jul 21, HDFC Bank reported first-quarter fiscal 2015 results. Net profit of INR22.33 billion ($0.37 billion) was up 21.1% year over year.

Results benefited from an increase in net interest income which was, however, offset by a fall in non-interest revenues and rise in operating expenses. Deposits and loan balances witnessed strong growth during the quarter, mainly driven by the initiatives of the bank to expand its branch network. While Capital quality was healthy, asset quality represented a mixed bag.

HDFC Bank currently carries a Zacks Rank #4 (Sell). Other stocks that are worth considering in this space include Banco do Brasil S.A. (BDORY), KB Financial Group, Inc. (KB) and Shinhan Financial Group Company Ltd. (SHG). All these stocks sport a Zacks Rank #1 (Strong Buy).

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