Indian banks among Asia’s top 50 banks: Report

According to a report by S&P Global Market Intelligence, three Indian banks secured spots among the top 50 banks by assets in the Asia-Pacific region in 2023, marking an increase from two in the previous year. These banks include the State Bank of India, HDFC Bank, and ICICI Bank.

S&P highlighted that Indian banks have demonstrated strong performance compared to their counterparts in Asia, driven by improved financial metrics and robust credit growth in a thriving economic environment. The aggregate assets of these lenders surged by 50.5% to USD 1.510 trillion in 2023.

A significant portion of this increase was attributed to the merger between HDFC Bank Ltd and its parent company, Housing Development Finance Corp, in July 2022. Following the merger, HDFC Bank’s assets soared by 51.3% to USD 466.35 billion, elevating its position by 13 places to 33rd in the top 50 ranking.

Quoting data from the Reserve Bank of India (RBI), S&P noted that India, currently the world’s fastest-growing major economy, witnessed a credit growth of 15.6% as of December 29, 2023, compared to 14.9% a year earlier.

India’s official data revealed a robust growth rate of 8.4% during the October-December quarter of the financial year 2023-24, maintaining its position as the fastest-growing major economy. This growth trend continued from the preceding quarters, with GDP expansions of 7.8% and 7.6% in the April-June and July-September periods, respectively.

In the financial years 2022-23 and 2021-22, India’s economy grew at rates of 7.2% and 8.7%, respectively. The central government anticipates a growth rate of 7.6% for the financial year that concluded in March.

Source: Economic Times