India's best bank for SMEs 2022: HDFC Bank
HDFC Bank is India’s largest private-sector lender by assets. It has the scale, processes, expertise and vision to meet the needs of its 70 million-plus customers. Those strengths came in handy when the pandemic roiled markets.
With its network of more than 6,300 branches, the bank successfully navigated multiple roadblocks to win three of Asiamoney’s awards this year: best corporate bank, best for small and medium-sized enterprises and best for diversity and inclusion.
For the year ending March 31, 2022, HDFC Bank recorded a year-on-year 18.4% increase in its total balance sheet to Rp20.7 trillion ($265 billion). Total deposits rose 16.8% to about Rp15.6 trillion.
Return on equity for the 2022 financial year was 16.9%, and the bank’s core net interest margin was 4%. Net profits spiked 18.8% to Rp369.6 billion.
Size doesn’t get in the way of HDFC Bank’s efficiency, as is clear from its overall gross non-performing assets ratio, which fell to 1.17% by March from 1.32% a year earlier.
HDFC had a change of leadership in October 2020 when Sashidhar Jagdishan, who has been with the bank since 1996, replaced long-serving managing director Aditya Puri as chief executive.