July 17, 2023
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HDFC Bank is now world’s 7th most valued Bank
With the listing of new shares of HDFC Bank issued to shareholders of parent entity HDFC Ltd following a $40 billion reverse merger deal, India’s largest private sector lender on Monday joined the list of global top 10 banks with $100 billion market capitalisation.
Trading at a market value of about $151 billion or Rs 12.38 lakh crore, HDFC Bank is now the world’s seventh largest lender bigger than the likes of giants like Morgan Stanley and Bank of China. HDFC Bank is behind JPMorgan ($438 billion), Bank of America (232 bn), China’s ICBC ($224 bn), Agricultural Bank of China ($171 bn), Wells Fargo ($163 bn) and HSBC ($160 bn).
“Within this esteemed group (of $100 bn market cap), it also offers among the best metrics on earnings growth (17-18%) and return on equity (15%), making it relevant for global portfolios. It has the opportunity to leverage large customer base, group linkages to deepen customer-client relationships and drive revenues,” said Jefferies analysts Prakhar Sharma and Vinayak Agarwal.
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