Yes Bank Leads In Q4 2023 With Highest Market Capitalisation Growth Among Banks
Yes Bank experienced the highest surge in market capitalisation among Indian banks in the quarter ending 31 December 2023. The lender witnessed a remarkable 24.4 per cent increase, reaching Rs 616.94 billion during the October-to-December period. Consequently, Yes Bank advanced two positions to claim the 14th spot in the top 20 Indian banks by market cap, as indicated by S&P Global Market Intelligence data & analysis.
In terms of market capitalisation percentage growth, Punjab National Bank closely followed Yes Bank, exhibiting a quarterly surge of 19.4 per cent to 1.054 trillion in the three months concluding on 31 December 2023. This propelled Punjab National Bank to secure the eighth position on the top 20 list, marking a one-spot advancement from the previous quarter, where HDFC Bank held the leading position.
Overall, the October-to-December quarter witnessed 14 out of the 20 largest banks in India reporting gains in market capitalisation, with eight of them achieving double-digit increases, according to data from S&P Global Market Intelligence.
Despite these shifts, the top seven Indian banks maintained their market cap rankings during the quarter. HDFC Bank continued to lead as the largest Indian lender, ICICI Bank retained its second position and State Bank of India, the largest Indian lender by assets, secured the third spot in market capitalisation.
However, some state-owned lenders experienced declines in their market cap during the quarter, including UCO Bank with an 8.7 per cent decrease and Indian Overseas Bank with a 7.4 per cent drop, according to S&P Global Market Intelligence data.
