HDFC Bank overtakes SBI in market cap
Srinagar, Nov 16: The HDFC Bank overtook the State Bank of India in market capitalization on Tuesday. Until Monday SBI was the number one bank on all parameters of size and profits.
SBI's share price has taken a severe beating after it touched a high on Nov 5,2010. The bank's market capitalization which had touched Rs 2,21.582 crore on that day is now less than half its peak level at Rs 1,09,846 crore.
The share price of HDFC Bank has continued to firm up with a market capitalization of Rs l,10,200 crore. The shift in positions is ironic considering the huge differences in size. SBI with a loan book of Rs 75,6719 crore is almost five times as big as HDFC Bank in advances. Similarly, SBI is seven times bigger with 13,929 offices as against HDFC Bank's 1,963 branches.
Although HDFC Bank has more than doubled its employee base in the last four years to 55.752, its workforce is still a fraction of SBI's which stands at 2.22,933. While SBI reported encouraging results with a 12% growth in net profits, the results failed to cheer investors as Moody's issued a report lowering the outlook for Indian banks.
Lastupdate on : Wed, 16 Nov 2011 21:30:00 Makkah time
Lastupdate on : Wed, 16 Nov 2011 18:30:00 GMT
Lastupdate on : Thu, 17 Nov 2011 00:00:00 IST
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