HDFC Bank moves closer to top 10 global lenders' league

A 55% rally in its shares this year has helped the lender jump 10 spots to 12th position

HDFC Bank is within kissing distance of breaking into the league of 10 most-valued global banks. A stellar 55 per cent rally (in dollar terms) this year has helped the domestic lender improve its standing to 12th from 22nd at the start of the year.

At present, HDFC Bank is valued at $71.2 billion, 1.3 per cent below Netherlands’ ING Group — the 10th most valuable bank. The domestic lender’s market capitalisation is more than that of marquee global banks such as Barclays, JP Morgan Chase and Credit Suisse.

The gains clocked by HDFC Bank this year are second only