Private lender HDFC Bank Ltd has surpassed the $100 billion market capitalization on Thursday, becoming only the third firm in India to reach this milestone.
The lender has now entered the league of Reliance Industries Ltd, which has a market cap of $140.74 billion, and Tata Consultancy Services that has a market cap of $114.60 billion.
With this, HDFC Bank is now at 110th rank to be the world’s most valued companies.
As per Bloomberg data, currently, 109 companies who are part of the list which have market cap of more than $100 billion.
Among the most valued lenders and financial institutions around the world which have a market cap of over $100 billion, HDFC Bank now ranks 26th.
With its capital well above regulatory mandates and above retail focus, analysts expect HDFC Bank to prove strong credit growth going forward. Besides, higher focus on productivity and digitization as well as cost rationalisation is likely to convert into better profitability growth, analyst added.
According to Bloomberg Intelligence, HDFC Bank’s inflating focus of branches in India’s semi-urban and rural areas places it for higher revenue and profit. About 52 percent of the bank’s branches were outside major metropolitan and urban centers as of September 2019.