The Uday Kotak-led bank logged 17.47 per cent gain in market cap, the highest among non-Chinese banks on this list, and emerged as the 19th largest bank in the region.
HDFC Bank, ICICI Bank and State Bank of India are also on the list. HDFC recorded 6.69 per cent quarter-on-quarter growth in market cap to $119.07 billion, maintaining its 7th rank. ICICI Bank saw its market cap grow 11.24 per cent quarter-on-quarter to $65.52 billion and moved up to 12th rank compared to the 15th rank in the previous quarter. SBI, with 8.06 per cent gain in m-cap, rose to 17th position against 19th at the end of the previous quarter.
Most of the largest banks in China saw their market capitalization fall further in the third quarter amid a slowing economic outlook and loan worries at one of the nation’s biggest property developers.
With the exception of Postal Savings Bank of China, all other Chinese lenders among the 20 largest banks across Asia logged quarter-over-quarter declines in market cap, according to data compiled by S&P Global Market Intelligence.
Ping An Bank recorded the largest drop of 20.73 per cent, while the decline for the Bank of China was the smallest among the bunch at 0.66 per cent. Still, eight Chinese banks made it to the list of the 20 largest Asia-Pacific banks by market cap.
With the exception of Australia and New Zealand Banking Group Ltd., all other non-Chinese banks in the list saw improvements in their market cap.
As of September, daily coronavirus cases remain high in several parts of the region and lockdowns remain in place for some jurisdictions.
The rating agency believes the impact of ongoing and subsequent pandemic waves will be lower for high-income Asian countries with wide vaccination coverage. However, it still cut its outlook for most economies in the region and retained forecasts for India and Hong Kong.
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