Kotak Mahindra Bank leads Indian lenders in financial performance ranking: S&P Global Market Intelligence
Kotak Mahindra Bank topped the inaugural S&P Global Market Intelligence ranking of the 32 publicly traded Indian banks based on financial performance. CSB Bank Ltd. and Tamilnad Mercantile Bank Ltd., followed in second and third positions, respectively.
The S&P rankings analyse the performance of Indian lenders based on seven weighted financial metrics, including return on average equity, net interest margin, cost-to-income ratio and nonperforming loan ratio, as of the year ended March 31. Nine of the top 10 lenders in the ranking were private sector banks, with seventh-placed Bank of Maharashtra the public sector exception.
HDFC Bank Ltd., India's largest private sector bank by assets, was in eighth position in the ranking while ICICI Bank Ltd. took sixth place. The country's biggest bank by assets, government-run State Bank of India, was in 24th position in the rankings, trailing behind Bank of Maharashtra and five other public sector peers. Among state-owned lenders, Bengaluru-headquartered Canara Bank, came in at 13th, and Indian Overseas Bank 16th, the rankings by S&P Global Market Intelligence showed.
Indian banks have posted profit growth in recent years, thanks to the country's strong economic performance, solid credit growth and higher interest rates. The aggregate assets of Indian lenders rose 50.5% to $1.510 trillion in 2023. India's economy is projected to grow by an average 6.7% per fiscal year from 2024 through 2026, the World Bank said in a June 11 report.
This rapid economic growth, along with
