Earlier today we looked at the The Top 10 Banks in India based on Assets. In this post, lets review the most profitable banks in India based on 2008 Net Income.
India’s 10 Most Profitable Banks/Financial Institutions based on Net Income in 2008:
|S.No.||Bank||Net Income in Thousands of US $ (as of Dec, 2008)|
|1||State Bank of India||2,193,163.00|
|2||ICICI Bank Limited||663,347.00|
|3||Punjab National Bank||614,694.00|
|4||Bank of India||605,331.00|
|5||Bank of Baroda||470,099.00|
|6||HDFC Bank Ltd||442,069.00|
|8||Power Finance Corporation Limited||386,684.00|
|10||Standard Chartered Bank India||374,280.00|
State-owned banking giant State Bank of India is the most profitable bank followed by ICICI Bank (IBN). State Bank of India generates more than three times the profits of ICICI.
It is interesting to see Citibank(C) in this list. While the Citibank in the U.S. has to be bailed out by US taxpayers from collapse, Citibank subsidiaries in other countries have been performing well such as the Citibank division in India. The other foreign bank in the list is the British-based Standard Chartered Bank. The presence of these two foreign banks in the ranking shows the success of their Indian operations in the difficult environment last year.