Three Indian banks, SBI, HDFC Bank and ICICI Bank, have been included in the top 50 banks of the Asia-Pacific region according to a report of S&P Global Market Intelligence released on 18 April 2024. The list dominated by mainland Chinese banks has been ranked based on their assets (loans). SBI was ranked 20, HDFC Bank 33 and ICICI Bank 48 on the list.

Indian Banks in the S&P Global top 50 Asia Pacific region

Only two Indian banks, SBI and HDFC, were included in the top 50 Asia-Pacific regions based on their assets in the 2022 list. This year, ICICI Bank was also included in the list. The aggregate assets of these three top Indian lenders rose sharply by 50.5 percent to $1.51 trillion in 2023.

State Bank of India

India’s largest commercial bank, State Bank of India, was the top-ranked bank in the 2023 list.

The government-owned SBI improved its ranking from 20 in 2023 to 21 in 2022. In 2023, SBI's assets increased to $780.05 billion.

HDFC Bank

India’s largest private sector bank, HDFC Bank, was the second-highest-ranked Indian bank in 2023. In 2022, it was ranked 46, while in 2023, it jumped to 33.

The main reason for HDFC Bank's rank jump was the merger of the Housing Development Finance Corporation (HDFC) with HDFC Bank in 2023. HDFC Bank's assets jumped to $464.34 billion in 2023.

ICICI Bank

The second largest private sector bank in India, ICICI Bank, was included for the first time on the list of the top 50 Asia Pacific banks. ICICI Bank was ranked 48th.

However, despite the impressive growth in assets of the top three Indian banks, the size of Indian banks were far below their Chinese and Japanese counterparts. The total assets of Industrial and Commercial Bank of China stood at $6.30 trillion in 2023, more than eight times of India's largest lender SBI.

Chinese Banks Dominate the List

Mainland Chinese banks dominated the list. Out of the top 10 banks in the Asia -Pacific region , 6 were Chinese banks.

Industrial and Commercial Bank of China Ltd., the world’s largest bank, remained the largest bank in the region at the end of 2023.
In second place was the Agricultural Bank of China Limited.
In third place was the China Construction Bank Corporation.

According to the S&P report, the top four Chinese banks' assets grew by 10.2 per cent to $21.91 trillion in 2023, with Agricultural Bank showing the biggest growth at 14.3 per cent.

The Japanese and South Korean banks suffered the biggest declines in the annual ranking. The combined assets of Japanese lenders fell by 2.5 per cent to $10.53 trillion in 2023.

The combined assets of the South Korean Bank declined by 0.9 per cent compared to last year to $2.66 trillion in 2023