HDFC Bank
Representative image.

India’s largest private lender HDFC Bank has been recognised as the ‘Best Bank’ by global magazine FinanceAsia for the 5th consecutive year.

The Bank was adjudged as India’s top bank at the publication’s Country Awards for Achievement 2021 for its “industry-leading metrics in many areas.”

In its editorial on the bank, FinanceAsia writes: “HDFC Bank continues to achieve industry-leading metrics in many areas and was the clear winner for another year.”

“To put this achievement into perspective, HDFC rakes in half the revenues of industry leader, State Bank of India (SBI), but is one third more profitable. It remains India’s most profitable bank. Indeed that profitability continued apace during the most recent 2021 Financial Year,” FinanceAsia writes.

“Unsurprisingly, this meant that HDFC continues to trade at a valuation premium that only a very small handful of Asian banks are able to command.”

“As India’s most deadly Covid wave started to settle down in late spring 2021, HDFC was comfortably trading at over four times book value,” the magazine writes in its latest issue,” the magazine writes.

FinanceAsia’s annual Country Awards for Achievement recognises outperforming banks from countries in the Asia-Pacific region.

The magazine bestows the recognition on the banks after taking into consideration their performance, vision, and long-term strategy. This year is particularly special since it also marks FinanceAsia’s 25th anniversary.

FinanceAsia editors were supported by an Advisory Board of former high-ranking senior bankers and fund managers.

This external panel provided technical guidance and advice during the selection process.