New Delhi, January 14 (IANS). India’s HDFC Bank, ICICI Bank and State Bank of India (SBI) have made it to the top 25 banks with the highest market cap in the world. This information was given in a report.
The report by data analytics and research company Global Data said that among the world’s top 25 market cap banks, HDFC Bank is ranked 13th, ICICI Bank 19th and SBI 24th.
By the end of the fourth quarter (October-December) of 2024, the market cap of HDFC Bank was $ 158.5 billion, ICICI Bank was $ 105.7 billion, SBI was $ 82.9 billion.
It was told in the report that the position of Indian banks remains strong. In the period from January to December 2024, the market cap of ICICI Bank has increased by 25.8 percent on an annual basis to $ 105.7 billion. During this period, the market cap of HDFC Bank has increased by 1.6 percent on an annual basis to $ 158.5 billion.
According to the report, the market cap of the world’s top 25 banks is expected to increase by 27.1 percent year-on-year to $4.6 trillion by the end of December 2024.
JPMorgan Chase remains the world’s largest bank by market cap. By the end of the fourth quarter of 2024, its market cap is expected to increase by 37.2 percent year-on-year to $674.9 billion. During this period, the market cap of Goldman Sachs has seen a huge increase of 42.9 percent.
According to the report, most stocks rose in the fourth quarter due to interest rate cuts by the US Federal Reserve, while other regional markets remained under pressure due to concerns over tariffs.
The report predicted that tariffs imposed under Donald Trump’s administration and tax cuts planned in 2025 could balance each other out.
–IANS
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