HDFC Bank, India's largest bank is back among the top 10 banks in the world after the bank's stock gained over the last month.
What Happened: As of June 20, HDFC Bank is the 10th largest bank in the world in terms of market capitalisation. The bank had a market capitalisation of ₹12.65 lakh crore. The bank reclaimed the top 10 position after having a 13% surge in the last month.
The bank’s shares have gained in the last month as brokerages expect the bank to benefit from the upcoming MSCI rejig in August. On Thursday, Macquarie picked the bank among its top picks and expects private sector banks to outperform PSU banks.
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The bank became the 4th largest bank in the world in July 2023, when it announced its merger with its parent entity HDFC. However, it slipped to 13th position in May 2024 after its stock fell 15% from July.
The private lender's March quarter results disappointed investors after it left a huge ₹10,900 crore floating provisions for bad loans, putting pressure on the bank's margins.
The largest bank in the world is JP Morgan Chase with a market cap of $565.71 billion (around ₹47.24 lakh crore).
In India, HDFC Bank is the 3rd largest listed company behind Reliance Industries and TCS. It is the largest bank in the country with ICICI Bank in second place.
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