Current Affairs PDF

S&P Global: 3 Indian Banks Among Top 50 lenders in Asia-Pacific by Assets

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

Three Indian banks in top 50 banks in Asia-Pacific by assetsThree Indian Banks namely, the State Bank of India (SBI), HDFC Bank and ICICI Bank are featured in the list of top 50 largest banks in Asia-Pacific Region by Assets – 2024 released by The S&P Global Market Intelligence.

  • The cumulative asset of these 3 Indian Banks surged exponentially by 50.5% year-on-year(y-o-y) basis to USD1.51 trillion in 2023.
  • China’s Industrial and Commercial Bank of China limited retained its position as the largest bank in Asia pacific as well as in world in 2023.

Ranking of Indian Banks on the list:

RankName of the BankHeadquarter
20SBIMumbai, Maharashtra
33HDFC BankMumbai, Maharashtra
48ICICI BankMumbai, Maharashtra

Top 4 banks by Assets in Asia-Pacific region in 2023:

RankName of the BankHeadquarter
1Industrial and Commercial Bank of ChinaBeijing, China
2Agricultural Bank of ChinaBeijing, China
3China Construction Bank CorporationBeijing, China
4Bank of China LimitedBeijing, China

Points to note:

i.SBI, India’s largest Public Sector Bank(PSB), has improved its ranking to 20th in 2023 from 21 in 2022. SBI’s assets valuation stands at USD 780.05 billion in 2023.

ii.HDFC Bank’s valuation increased to USD 464.34 billion in 2023, over 51% higher than its value in 2022. HDFC bank has jumped from 46th rank in 2022 to 33rd rank in 2023.

  • The value of HDFC bank increased due to its merger with its parent organisation Housing Development Finance Corporation(HDFC) Limited in July 2022.

iii.ICICI Bank, 2nd largest private sector bank in India, has made its debut in the top 50 Asia-Pacific lender list in 2023. It is currently ranked 48th position.Three Indian banks in top 50 banksiv.The report outlined various factors which contributed towards the growth of Indian bank’s assets in recent year are: improvement in financial metrics, coupled with high credit growth in a robust economic environment.

v.The size of Indian lenders remained far below Chinese and Japanese Banks i.e. total assets of Industrial and Commercial Bank of China is USD6.30 trillion(2023), which is more than 8 times of Indian PSB, SBI.

vi.The report quoted Reserve Bank of India(RBI) data which mentioned that India, world’s fastest-growing economy growth rate stood at 15.6%(as of 29th December, 2023).

Key Points:

i.Mainland China-based Banks retained its position among the top banks in Asia-Pacific region. 6 banks of out of the top 10 banks in the list are based in China.

  • The combined total assets of top 4 performing banks of China grew 10.2% year-on-year(y-o-y) to USD21.91 trillion in 2023, with agricultural bank showed maximum growth at 14.3%.

ii.Lenders based in Japan and South Korea witnessed the biggest declines in their annual ranking.

  • The combined assets of Japanese banks decreased 2.5%(y-o-y) in 2023 to USD10.53 trillion whereas  South Korean banks had a 0.9% (y-o-y) decline to USD2.66 trillion.

iii.The combined assets of 3 Singaporean banks increased to 3.7% (y-o-y) to USD1.40 trillion.

  • The ranking of DBS Group Holdings Limited and United Overseas Bank Limited improved, while Oversea-Chinese Banking Corporation Limited ranking fell from three places to 37.

About S&P Global Inc.:
President and Chief Executive Officer(CEO): Douglas L. Peterson
Headquarters: New York, U.S.A
Established: 1917