HDFC Bank named ‘India’s Best Bank’ at Euromoney Awards for Excellence 2019

by Shrutee K/DNS

Mumbai : HDFC Bank was adjudged ‘India’s Best Bank’ at the Euromoney Awards for Excellence 2019. In a function organized at JW Marriott, Hong Kong, the award was accepted on behalf of the bank by Mr. Rahul Bhandari, Alt. Chief Executive, HDFC Bank, Hong Kong.

This year marks the 27^th anniversary of coveted The Euromoney Awards for Excellence. Launched in 1992, they were the first of their kind in the global financial publishing industry.

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 face-to-face interviews with shortlisted candidates.

This year, Euromoney received almost 1,000 submissions from banks in an awards programme that covers 20 global awards, more than 50 regional awards, and best bank awards in close to 100 countries.

In its awards issue, the magazine writes, “HDFC always seems a cut above the rest in India: it is shrewd in the good times and resilient in the bad. Our review period brought plenty of both, yet HDFC delivered a 20.54% jump in after-tax profit in the year to March 31, 2019, with deposits and assets up double digits.”

“Its non-performing loans are among the lowest in the industry, while return on equity, although somewhat diminished in recent years, stands at 16.3%. One reason HDFC stands out is an absence of problems. While many institutions have been caught by failing corporate enterprises being dragged through the insolvency courts, managing director Aditya Puri has kept HDFC relatively unscathed. During the review period, the Reserve Bank of India identified HDFC as a domestic systemically important bank (D-Sib). Much of what is interesting about the bank right now is digital: its Smart Hub platform is being used by over 8,000 educational institutions and 2,500 government departments. It is also important to recognize HDFC Bank Parivartan, the umbrella brand for the bank’s social initiatives. Parivartan means ‘change’, and so far it has impacted 10 million lives in areas such as rural development, financial literacy and hygiene.” 

The award was presented by Mr. Chris Wright (left), Asia Editor, Euromoney and Mr. Clive Horwood (right), Editor, Euromoney to Mr. Rahul Bhandari (2^nd from left), Alt. Chief Executive, HDFC Bank, Hong Kong.