New Delhi
Yes Bank emerged as the Indian bank with the highest percentage increase in market capitalization for the quarter ending December 31, 2023. The lender’s market capitalization rose by 24.4% to reach Rs 616.94 billion during this period, propelling Yes Bank to the 14th position among the top 20 Indian banks by market cap. This data is based on S&P Global Market Intelligence analysis. Punjab National Bank closely followed Yes Bank, recording a quarterly increase of 19.4%, reaching Rs 1.054 trillion by the end of December 2023. This growth allowed Punjab National Bank to climb one spot to secure the eighth position on the top 20 list, with HDFC Bank Ltd. leading the chart. Among the top 20 banks in India, 14 reported gains in market capitalization during the October-to-December quarter. Notably, eight of these banks witnessed double-digit increases in market cap, according to S&P Global Market Intelligence data. The leading seven Indian banks maintained their market cap rankings, with HDFC Bank Ltd. solidifying its position as the largest Indian lender. ICICI Bank Ltd. retained its second spot in the market cap ranking, while State Bank of India, the largest Indian lender by assets, secured the third position by market capitalization. However, some state-owned lenders experienced declines in their market cap during the quarter. UCO Bank saw a 8.7% fall, and Indian Overseas Bank reported a 7.4% drop, according to S&P Global Market Intelligence data. Investors and stakeholders are advised to closely monitor these market trends, as they provide valuable insights into the performance and positioning of major banks in the Indian financial landscape.
