In the quarter ending December 31, 2023, HDFC Bank emerged as the leader in market capitalization gains among major Indian banks, based on data from S&P Global Market Intelligence. HDFC Bank experienced a remarkable 12.1% increase in its market cap, reaching $155.91 billion. This reinforced its status as the largest bank in India, following its merger with parent company Housing Development Finance Corp. Ltd. in July 2023.
Other prominent Indian banks also witnessed growth in their market capitalization during the same period. State Bank of India, the country's top bank by assets, recorded a 7.3% rise, reaching $68.84 billion, while ICICI Bank Ltd. saw a 4.9% increase, reaching $83.98 billion.
Despite the positive trend for Indian banks, Japanese megabanks experienced declines in their market capitalization in the same quarter, even as the overall market witnessed high investor interest throughout the year, as per S&P Global Market Intelligence data and analysis.
In the broader Asian context, Industrial and Commercial Bank of China Ltd. (ICBC), China's largest bank by assets, maintained its position as the largest bank by market capitalization in the region during the fourth quarter. ICBC's market cap rose by 4.2%, reaching $224.19 billion. Agricultural Bank of China Ltd. secured its spot as the second-largest bank in the region, with a 3.7% increase in market cap, reaching $175.72 billion.
(With Agency Inputs)
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