Three Indian Banks Lead in Asia-Pacific: Top 50 Rankings by Assets
Discover how ICICI Bank, HDFC Bank, and State Bank of India secure prestigious spots among the top 50 banks in Asia-Pacific.
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In a testament to the strength and resilience of India's banking sector, three major Indian banks have secured positions among the top 50 banks in the Asia-Pacific region by assets, as per a report by S&P Global. ICICI Bank, HDFC Bank, and State Bank of India (SBI) have demonstrated their robust performance and solid financial standing, earning them prestigious spots in the rankings.
Indian banks have demonstrated remarkable performance compared to their peers in the Asia-Pacific region, with three Indian lenders securing positions among the top 50 banks by assets in 2023, marking an increase from two in the previous year. The collective assets of these banks surged by an impressive 50.5% year-on-year to $1.51 trillion in 2023. State Bank of India holds the 20th position, HDFC Bank ranks 33rd, and ICICI Bank occupies the 48th spot in the prestigious rankings.
The significant increase in aggregate assets can be attributed largely to the merger of HDFC Bank Ltd. with its parent company, Housing Development Finance Corp. Ltd., in July 2022. Following the merger, HDFC Bank's assets soared by 51.3% to $466.35 billion, catapulting the bank 13 places higher to the 33rd position in the top 50 rankings.
This expansion underscores the significant growth and strategic maneuvers undertaken by Indian banks to fortify their positions in the dynamic banking landscape, amidst India's status as the world's fastest-growing major economy, as indicated by a credit growth of 15.6% as of December 29, 2023, compared to 14.9% in the previous year, according to data from the Reserve Bank of India.
The recognition of ICICI Bank, HDFC Bank, and State Bank of India among the top banks in Asia-Pacific by assets underscores the adaptability and competitive prowess of India's banking sector. As these institutions continue to innovate and expand their footprint, they are expected to play an increasingly influential role in shaping the future of banking not only in India but also across the broader Asia-Pacific region.
