Kashmir News Trust [KNT]
HDFC Bank been adjudged ‘Best Bank in India’ at the Euromoney Awards for Excellence 2022. The Bank has been recognised with the coveted honour for the 4th consecutive year.
In its editorial, Euromoney writes, “In a challenging environment, retail and treasury profit fell, but was more than compensated for by a knockout 38.6% growth in the wholesale banking business. And through all of this, non-performing loans – consistently the lowest in the industry through Covid – fell to just 1.17% gross. In the year to March 31, 2022 – a difficult environment for many in financial services – HDFC’s profit after tax rose 14.6% to the equivalent of $4.88 billion.”
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A first of its kind in the global financial publishing industry, the awards were introduced in 1992. The awards are based on year-round monitoring of market share and customer-satisfaction data compiled by Euromoney’s industry-leading surveys. This is supplemented by an intensive three-month process of review by Euromoney’s editorial team, culminating in interviews with shortlisted candidates.
In the 30 years of the Euromoney Awards’ existence, the bank – founded in 1995 – is humbled to have been bestowed the prestigious recognition of “Best Bank in India,” for 15 years.
This year, Euromoney received a record number of submissions from banks in our regional and country awards programme that covers more than 50 regional awards and best bank awards in 100 countries.
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In its awards issue, Euromoney further writes, “HDFC Bank, led by chief executive Sashidhar Jagdishan, has managed this so consistently over the years by doing the simple things right. It has steered clear of scandal, its risk management division is peerless and it never does anything stupid. Based on this sturdy foundation, it has then found the best things to excel at: the largest cash-management player in the country, for example, and a leader in supply-chain financing, as well as a local bank of choice for multinational corporations operating in India.”