HDFC Bank Joins $100-Billion Market-Cap Club, Overtaking Morgan Stanley and Bank of China.

HDFC bank

On July 17, private lender HDFC Bank made history when it joined the exclusive $100 billion market-cap club, solidifying its position as the seventh-largest lender in the world. The bank’s market value increased to an astonishing $151 billion, surpassing rivals like Morgan Stanley and Bank of China.

A tribute to its constant commitment and strategic acumen, HDFC Bank has proudly achieved its place as the seventh-largest lender in the world as of July 2023.

HDFC bank

A tribute to its constant commitment and strategic acumen, HDFC Bank has proudly achieved its place as the seventh-largest lender in the world as of July 2023.

How HDFC Bank achieved this benchmark?

JPMorgan has the top spot on the market cap rankings with a staggering $438 billion, while thie indian giant just behind it with a market valuation of only $151 billion. Agricultural Bank of China ($171 billion), Bank of America ($232 billion), Industrial and Commercial Bank of China ($224 billion), Wells Fargo ($163 billion), and HSBC ($160 billion) are other renowned competitors.

The financial success of the Bank is nothing short of amazing. The bank’s yearly revenue in 2023 was a staggering $24.102 billion, representing an astounding 14.02% growth from the year before. The market capitalization of HDFC Bank has shown an upward trend over the past ten years, rising from $24.29 billion in 2010 to an astonishing $151.10 billion in 2023, clearly demonstrating its development and stability.

HDFC Bank recently completed a successful US public offering of 17.5 million American depository shares, raising over $1.81 billion, underscoring its commitment to development and expansion. Additionally, the bank increased its financial stability and investor trust by issuing an additional 12.8 million equity shares through HDFC’s qualifying institutions’ placement in India.

After the delisting of HDFC Ltd shares from the stock markets on Friday, July 13, the start of HDFC Bank’s stock trading as a combined business on Monday, July 17, signaled a flawless integration process.

On July 14, an unusual event occurred when the Bank distributed 3,11,03,96,492 additional equity shares having a face value of Rs 1 to qualified HDFC Ltd shareholders as part of the all-stock merger arrangement. The lender’s paid-up share capital was dramatically increased to 753,75,69,464 shares after each HDFC shareholder acquired 42 shares of HDFC Bank for every 25 shares they owned in the business.

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The victorious ascent to a market valuation of $100 billion exemplifies its fortitude, vision, and capacity to prosper in a cutthroat financial environment. With its sights focused on sustained expansion and cutting-edge tactics,the giant is prepared to soar to even higher heights in the world of banking. Customers and investors alike anxiously anticipate this innovative financial institution’s bright future.

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