Euromoney, is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Awards for Excellence 2009: India

Best Bank: HDFC
Best Investment Bank: Deutsche Bank

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.