HDFC Bank has been awarded as the ‘Best Bank in India’ by global magazine FinanceAsia.
The Bank was recognised “for its resilience in India’s banking sector, which was roiled by unprecedented frauds and surging bad debt,” at the FinanceAsia Country Awards for Achievement 2018, a spokesperson of the bank said.
FinanceAsia’s annual Country Awards for Achievement 2018 recognises outperforming banks from countries in the Asia Pacific region. The magazine bestows the recognition on the banks after taking into consideration their performance, vision, and long-term strategy.
In its editorial on the awards, FinanceAsia writes, “With a stable deposit base, HDFC delivered strong earnings, with consistently higher margins than its state-owned counterparts. Its net income rose 20.2% year on year to Rs174.9 billion at the end of March, while its net interest income, the difference between the interest it pays and earns, rose by 21% to Rs400.9 billion for the same period.”