HDFC Bank led market capitalization gains among major Indian banks in Q4

HDFC Bank led market capitalization gains among major Indian banks in the quarter ended December 31, 2023, according to S&P Global Market Intelligence data.

HDFC Bank’s market cap increased 12.1 per cent to $155.91 billion, cementing its position as India’s largest bank, following its merger with parent Housing Development Finance Corp. Ltd. in July 2023.

Other large Indian banks also saw higher market caps.

State Bank of India, the nation’s top bank by assets, rose 7.3 per cent to $68.84 billion, while ICICI Bank Ltd. gained 4.9 per cent to $83.98 billion.

Indian banks racked up gains in their market capitalization for the quarter ended December 31, 2023, while Japanese megabanks saw their market caps decline even as the overall market saw high investor interest last year, according to S&P Global Market Intelligence data & analysis.

Industrial and Commercial Bank of China Ltd., China’s largest bank by assets, also remained the largest bank by market cap in the region in the fourth quarter.

The bank’s market cap rose 4.2 per cent to $224.19 billion.

Agricultural Bank of China Ltd. retained its spot as the second-largest bank in the region, with the bank’s market cap rising 3.7 per cent to $175.72 billion.