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Nine Indian banks among Asia's top 50
By siliconindia
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Friday, 28 September 2007, 19:30 IST
New Delhi: Nine Indian banks have made it to the list of top 50 Asian Banks led by HDFC Bank and ICICI Bank. However, none of the Indian banks could qualify for top 10, as per this year's Asian Banker 300 report.
The performance of India pale when compared with Hong Kong as 11 banks from the Chinese region are in the top 50.
Commending on Indian banks, the report said, "This (achievement) is no surprise given the Indian economy is in overdrive, with buoyant consumption and investment demand driving the banking sector's strong balance sheet growth."
Private lenders such as HDFC Bank and ICICI Bank have been able to protect their net interest margin and loan quality amid aggressive growth, further improving their earnings growth momentum. As per the report Hong Kong and Shanghai Banking Corporation topped the list.
"The 10 strongest banks in the region are all solid franchises, and their pricing power has enabled them set the pace for the whole banking industry," said Benny Zhang Wei, Senior Research Analyst at the Asian Banker.
Abundant capital and the stable operation of core businesses in their home markets have enabled many of these banks to replicate success beyond their traditional borders, Zhang said.