Business Desk: Three major Indian banks, HDFC Bank, ICICI Bank and State Bank of India (SBI), have made their place among the world's largest 25 banks. According to the Global Data report, HDFC Bank is ranked 13th, ICICI Bank is ranked 19th and SBI is ranked 24th. As of the fourth quarter of 2024 (October-December), HDFC Bank's market cap was $158.5 billion, ICICI Bank's was $105.7 billion and SBI's was $82.9 billion. This reflects the strong financial position of Indian banks and their important role in the global market.
The report said that the position of Indian banks remains strong. ICICI Bank's market cap has increased by 25.8 percent year-on-year to $105.7 billion in the period from January to December 2024. During this period, HDFC Bank's market cap has increased by 1.6 percent year-on-year to $158.5 billion.
According to the report, the market cap of the world's top 25 banks is projected to grow 27.1 per cent year-on-year to $4.6 trillion by the end of December 2024.
JPMorgan Chase remains the world's largest bank by market cap. Its market cap has grown 37.2 percent year-on-year to $674.9 billion by the end of the fourth quarter of 2024. Goldman Sachs' market cap has seen a huge increase of 42.9 percent during this period.
According to the report, most stocks rose in the fourth quarter on the back of interest rate cuts by the US Federal Reserve, while other regional markets remained under pressure due to concerns over tariffs.
