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Best Bank: HDFC |
Although ICICI, long India’s strongest private-sector bank, managed to look mildly foolish last year, unveiling losses connected to the US sub-prime market, rival HDFC Bank has emerged looking stronger than ever. Driven by chairman Deepak Parekh and chief executive Aditya Puri, a man who enjoys peace and quiet over profits and quarterlies, HDFC posted a 53.1% year-on-year rise in first-quarter 2009 revenues, to Rs53.7 billion ($670 million). It also posted strong gains in net revenues, up 34% year on year in the first three months, to Rs35.1 billion, with net profit also gaining by more than a third over the period, to Rs6.31 billion. The future looks strong, too. Analysts reckon that the State Bank of India’s special concessional rate of 8% on home loans will not provide a threat to the country’s leading mortgage provider.