Kotak Mahindra Bank takes performance crown

While there has not been much change in the positions of the top 10 Indian banks by Tier 1 capital, it is sixth-largest lender, Kotak Mahindra Bank, that tops the performance table. Joy Macknight reports.

by Joy Macknight

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After a few years of trouble and strife, the Indian banking sector is back on track. The country’s banks have cleaned up their balance sheets and are expanding them again, against a stable economic backdrop. Nine of the 10 biggest Indian lenders by Tier 1 capital increased their core capital in financial year 2022-23; only Axis Bank recorded a drop, albeit by just 1.9%.

There is little movement among the top 10 from the previous ranking. Government-owned State Bank of India (SBI) remains the largest lender, with Tier 1 of $44.0bn, a 9.5% year-on-year increase. It is also the largest by assets, with more than double the assets ($724.2bn) of the next largest lender, HDFC Bank, a private sector bank.

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Joy Macknight

Joy Macknight is the editor of The Banker. She joined the publication in 2015 as transaction banking and technology editor. Previously, she was features editor at Profit & Loss, editorial director at Treasury Today and editor at gtnews. She also worked as a staff writer on Banking Technology and IBM Computer Today, as well as a freelancer on Computer Weekly. She has a BSc from the University of Victoria, Canada.