HDFC Bank bags The Asian Banker award

The country's second-largest private-sector lender HDFC Bank, has bagged The Asian Banker award for year 2008.

The bank has bagged Best Retail Bank in India award for the third year in a row based on robust core funding, superior financial performance, sustainability and effective distribution channels amidst a highly challenging environment, HDFC Bank said in a statement.

Quoting The Asian Banker magazine, the statement said for retail financial services, HDFC Bank was not only able to increase its retail asset market share without sacrificing margins but also maintained profitability.

With the merger of Centurion Bank of Punjab, the magazine added, HDFC Bank transformed into a sizeable financial powerhouse, having the largest branch network among all private sector banks in the country.