Best bank: ICICI Bank
As India’s second-largest private bank, ICICI Bank has once again demonstrated its ability to outperform its peers. While its formidable competitor, HDFC Bank, has a significant acquisition to digest, ICICI Bank has seized the opportunity to catch up in valuation and surpass market expectations, making it India’s best bank this year.
AfE 2024
For the financial year ending March 31, 2024, ICICI Bank’s profits after tax grew by 28% year on year, reaching a remarkable $4.9 billion. The bank’s total deposits also witnessed substantial growth, increasing by 20% to $172.3 billion.
One of the key factors contributing to ICICI Bank’s success is the sustained improvement in its asset quality. The bank’s net non-performing asset ratio improved to 0.42% by the end of March, down from 0.48% 12 months earlier.
Despite the rising deposit costs that put pressure on net interest margins, ICICI Bank managed to maintain a high 4.53%