Awards for Excellence 2022: Best bank in India – HDFC Bank
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Awards for Excellence 2022: Best bank in India – HDFC Bank



Best Bank: HDFC Bank

HDFC Bank continues to set the standards against which other Indian domestic banks are compared. In the year to March 31, 2022 – a difficult environment for many in financial services – HDFC’s profit after tax rose 14.6% to the equivalent of $4.88 billion.

Deposits grew 12.7%, borrowings 31.6% and total assets 14.2% in a year in which HDFC delivered 16.9% return on equity.

In a challenging environment, retail and treasury profit fell, but was more than compensated for by a knockout 38.6% growth in the wholesale banking business. And through all of this, non-performing loans – consistently the lowest in the industry through Covid – fell to just 1.17% gross.

Sashidhar Jagdishan

HDFC Bank, led by chief executive Sashidhar Jagdishan, has managed this so consistently over the years by doing the simple things right. It has steered clear of scandal, its risk-management division is peerless and it never does anything stupid.

Based on this sturdy foundation, it has then found the best things to excel at: the largest cash-management player in the country, for example, and a leader in supply-chain financing, as well as a local bank of choice for multinational corporations operating in India. A steadfast commitment to digital will help keep it ahead of the pack.

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