S&P Global: 3 Indian Banks Among Top 50 lenders in Asia-Pacific by Assets

Current Context: According to a recent "S&P Global Market Intelligence" report by S&P Global, three Indian banks have made it to the list of top 50 banks by assets in the Asia-Pacific region in 2023.

• These banks are:
• State Bank of India (SBI): Ranked 20th with assets of $780.05 billion.
• HDFC Bank: Ranked 33rd with assets of $466.35 billion. A significant part of the increase in HDFC Bank’s assets was due to its merger with its parent company, Housing Development Finance Corp. Ltd., in July 2022.
• ICICI Bank: Ranked 48th.
• The aggregate assets of these three banks rose sharply by 50.5% year-on-year to $1.51 trillion in 2023.
• This performance is attributed to the robust economic environment and high credit growth in India, which stood at 15.6% as of December 29, 2023.
• It’s worth noting that despite the significant growth, the size of Indian lenders remains far below their Chinese and Japanese counterparts.
• For instance, the Industrial and Commercial Bank of China had total assets of $6.30 trillion in 2023, which is more than eight times that of SBI.
• Mainland China-headquartered lenders occupied the top four spots on the list, and six of the top 10.

Question:

Q.1 Which Indian bank was ranked 20th in the list of top 50 banks by assets in the Asia-Pacific region in 2023?
a. HDFC Bank
b. ICICI Bank
c. State Bank of India (SBI)
d. Axis Bank