HDFC Bank pips SBI in m-cap

HDFC Bank on Tuesday became India's top lender in terms of market capitalisation, overtaking state-run State Bank of India (SBI).

As of Tuesday's close on the Bombay Stock Exchange (BSE), HDFC Bank's total market cap stood at Rs 1,10,288.45 crore — about Rs 439 crore more than SBI's Rs 1,09,848.58 crore. HDFC Bank shares on Tuesday closed at Rs 471.80 on BSE, while SBI declined 1.32 per cent to Rs 1,729.90. Shares of HDFC Bank have gained 0.53 per cent in this year so far, while those of SBI have lost 38.46 per cent in the same period.

HDFC Bank has reported stable margins and bottom line over the last several quarters. On the other hand, SBI's profitability has been under pressure due to worsening asset quality. The state-run lender has made nearly Rs 3,000-crore provisioning towards non-performing assets for the quarter ended September 30.

In terms of loan book, SBI is the country's largest lender, while HDFC Bank is the second-largest private sector lender after ICICI Bank.