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In this article, we take a look at the 16 largest Indian banks by assets. If you want to see more of the largest Indian banks by assets, go directly to Top 5 largest Indian banks by assets.
India is a country with a huge economy that is growing rapidly.
In 2021, India had a nominal GDP of $3.176 trillion, up from $1.676 trillion in 2010 and $468.4 billion in 2000.
For the July-September 2022 quarter, India’s economy expanded 6.3% year-on-year, slightly more than the Reuters survey forecast of 6.2% year-on-year, and substantially faster. than the growth rates of many leading nations.
India is also expected to grow substantially in the future.
According to S&P Global’s November 2022 forecast, India’s real GDP could grow an average of 6.3% per year from FY2021 to FY2030, making the country the third largest in the world. world by the end of the decade. Currently, the country is the fifth largest in terms of nominal GDP.
India’s population is also young, which gives the country another advantage.
The Ministry of Foreign Affairs of the Government of India writes in 2021: “India’s 1.3 billion people make it the second most populous country in the world, but with an average age of 29, it has one of the youngest populations.” As this vast resource of young citizens enters the workforce, it could create a ‘demographic dividend.’ The United Nations Population Fund defines a demographic dividend as economic growth resulting from a change in the age structure of a population, primarily when the working-age population is greater than the number of dependents.
The Ministry adds: “Some 62.5% of India’s working-age population is between the ages of 15-59, ensuring that India will have a demographic advantage until 2055. This is an attractive proposition for both local and cross-border investment.” of FDI. According to CII and EY, India has the potential to attract foreign direct investment (FDI) of US$120-160 billion per year by 2025.”
Growth of India’s Leading Banks
Given India’s strong economic growth, some of the major banks in India have also experienced growth.
One of India’s leading banks, ICICI Bank, for example, reported a 34.2% increase in net profit for its October-December quarter on the back of healthy loan growth. Net profit was 83.12 billion Indian rupees or $1.03 billion, up from 61.94 billion rupees in the same period a year earlier, and around the analyst estimate of 81, 25 billion rupees. The bank’s net interest margin for the quarter was 4.65%, higher than the net interest margin for the same quarter of the previous fiscal year of 3.96%.
For the fiscal third quarter, ICICI Bank’s domestic loan portfolio expanded 21.4% year-over-year and its retail loan portfolio increased 23.4% year-over-year. Corporate loans also increased 18.2% year-over-year. The bank’s deposits increased 10.3% year-on-year.
In general, the largest banks in India are likely to increase their assets in US dollar terms substantially over the next few decades as the Indian economy expands.
However, in terms of individual banks, whether a bank can increase its assets or sales depends on company-specific factors and how well the company is doing in terms of maintaining its overall market share. If there is an economic slowdown, the assets and sales of individual banks could decline.
In terms of fiscal year 2023, India’s Ministry of Statistics projects that India’s GDP will expand by 7% compared to 8.7% a year earlier. While the preliminary projection is lower than the previous forecast of 8% to 8.5%, it is still faster than the projected growth rates of many of the world’s largest economies for this year.
With more assets, Indian banks could potentially make more loans or finance more projects. If they make the right loans and finance the right projects, India’s economy could expand even faster.
Photo by Sylwia Bartyzel on Unsplash
Methodology
For our list of the 16 largest Indian banks by assets, we took the 10 largest private banks by assets in India according to Statista’s Leading Private Banks in India list of assets as of April 2022.
We also take the 12 Indian public sector banks according to the Government of India and find their assets for the fiscal year 2021.
Then we take the top 16 of the 22 banks by assets as of April 2022 or fiscal 2021.
As the value of the Indian rupee fluctuates against the US dollar, we list the assets in Indian rupees. As of January 28, one US dollar is equal to 81.52 Indian rupees.
So an asset of 1 trillion Indian rupees is around $12.27 billion based on current exchange rates.
For those of you interested, also check out the 16 largest banks in the world.
16 largest Indian banks by assets
16. Indian Overseas Bank
Assets as of FY 2021 (Indian rupee trillion): 2.74
Indian Overseas Bank is a public sector bank in India with assets of 2.74 trillion Indian rupees as of fiscal year 2021. Indian Overseas Bank was founded in February 1937 and nationalized by the government in 1969. Public sector banks they are banks where the government of India owns more than half of the shares of the bank.
15. Yes Bank
Assets as of April 2022 (Indian rupee trillion): 2.74
Yes Bank is a private sector bank in India ranked #15 in our list of 16 largest Indian banks by assets with assets of 2.74 trillion Indian rupees as of April 2022. The banks from the private sector can sometimes provide more personalized services to clients and make financial transactions faster. decisions than public sector banks.
14. IDBI Bank
Assets as of April 2022 (Indian rupee trillion): 2.98
Originally established as the Industrial Development Bank of India which was a development finance institution that financed projects, IDBI Bank evolved into a banking company providing a variety of banking activities to millions of Indians. Today, IDBI Bank is a private sector bank with assets of almost 3 trillion Indian rupees.
13. IndusInd Bank
Assets as of April 2022 (Indian rupee trillion): 3.63
IndusInd Bank is a private sector bank with assets of 3.63 trillion Indian Rupees as of April 2022. For the fiscal year 2021, IndusInd Bank had a net interest margin of 4.17% and a return on equity of 7 .33%. For fiscal year 2022, the bank had a net interest margin of 4.11% and a return on equity of 10.20%.
12. Central Bank of India
Assets as of FY 2021 (Indian rupee trillion): 3.69
The Central Bank of India is a public sector bank with assets of 3.69 trillion Indian rupees as of fiscal year 2021. However, the bank is not a central bank like the Federal Reserve. The bank that is in charge of interest rate decisions in India is called the Reserve Bank of India.
11. Kotak Mahindra
Assets as of April 2022 (Indian rupee trillion): 3.83
Kotak Mahindra is an Indian private sector bank that offers a variety of banking services such as retail banking, treasury, and corporate banking. As of April 2022, the bank had assets worth 3.83 trillion Indian rupees, ranking 11th on our list of 16 largest Indian banks by assets.
10. Indian Bank
Assets as of FY 2021 (Indian rupee trillion): 6.26
Indian Bank is a public sector bank with assets of 6.26 trillion Indian rupees. Founded in 1907, the bank has grown substantially over time in terms of assets, which as of FY2021 ranks among the 10 largest in India.
9. Bank of India
Assets as of FY 2021 (Indian rupee trillion): 7.26
Bank of India is one of the largest banks in India with more than 5,000 branches. As a public sector bank, the Government of India owns more than half of the shares of Bank of India.
8. Axle bank
Assets as of April 2022 (Indian rupee trillion): 9.96
Axis Bank is the third largest private sector bank in India offering financial services for personal and corporate banking. As of April 2022, Axis Bank had 9.96 trillion Indian rupees in assets, giving the bank significant scale.
7. Union Bank of India
Assets as of FY 2021 (Indian rupee trillion): 10.72
Union Bank of India is a public sector bank with assets of 10.72 trillion Indian rupees as of FY 2021. Union Bank of India also has 8,870 domestic branches, more than 11,200 ATMs and 75,201 employees. The Government of India owns 83.49% of the total share capital of the bank as per the bank’s annual report 2021-22.
6. Canara Bank
Assets as of FY 2021 (Indian rupee trillion): 11.54
Canara Bank is a public sector bank with 11.54 trillion Indian rupees in assets as of FY 2021. The bank is engaged in the provision of commercial banking and financial services. By lending well and maintaining its market share, Canara Bank could help India develop and increase its assets in the future.
Click to continue reading to see the 5 largest Indian banks by assets.
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Disclosure: none. 16 largest Indian banks by assets was originally published on Insider Monkey.
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