Top 10 Private Banks in India by Market Capitalization – NSE

The banking sector in India is growing significantly with private banks driving the advancements in finance innovation. The data shows that scheduled banks have witnessed remarkable deposit growth amounting to ₹2.04 lakh crore while the projected CAGR for these same institutions exceeds 8% up until the year 2029 demonstrating a consistent and healthy growth trend within this sector.

Moreover, the robustness of banking in India is evident not just from traditional scheduled banks but also through private bank bond issues that totaled ₹3,909 crores in FY24 underlining strong financial activity. Alongside this, India’s fintech industry is booming, valued at $110 billion in 2024 with projections reaching $420 billion by 2029.

Given their competitiveness and a vast range of offerings in terms of service, private banks are increasingly becoming a choice for individuals looking forward to managing their funds effectively. Therefore, in this blog in a similar fashion as in our previous blog on the best banks in India, we will present an extensive list that can assist you make more informed choices on opting from among the top 10 private banks in India, as of 22 November 2024.

Top 10 Private Banks in India 2024

1. HDFC Bank

Revenue: 72.77KCr

Net Income: 17.83KCr

CEO: Sashidhar Jagdishan

Headquarter: Mumbai

Employee strength: 213,527

NIM: 3.46%

CASA: 37.6%

Gross NPA: 1.24%

Customer Base: 120 million

HDFC Bank was established back in the year 1994. Being first in our list of top 10 private banks in India, largely due to its comprehensive financial services coupled with a customer-centered approach. HDFC has a network that extends over more than 8,851 branches alongside 20,928 ATMs spread across India, offering a variety of bank products right from savings accounts to credit cards.

Being the best private bank in India in terms of asset size it is recognized for delivering customized services tailored suited to personal and business customers alike. A strong focus on digital advancements coupled with a diversified loan portfolio has made HDFC stand out as an authority within modern banking solutions, making customer needs central to all its operations while ensuring that they remain up-to-date with the latest technology trends in finance management. As per the latest stats, its current market cap is standing at 1,334,150.64 Crore INR.

On November 18th, 2024, HDFC Bank was awarded the distinction of ‘Best Private Bank in India’ at the Global Private Banking Awards by Professional Wealth Management, a Financial Times publication. 

2. ICICI Bank

Revenue: 49.34KCr

Net Income: 12.95KCr

CEO/ MD: Mr Sandeep Bakshi

Headquarter: Mumbai

Employee strength: 141,000

NIM: 4.27%

CASA: 42.6%

Gross NPA: 1.24%

Customer Base: 56 million

ICICI Bank was established back in Mumbai in 1994, providing comprehensive financial services nationwide across its network comprising over 6,613 branches supplemented by 16,120 ATMs all over India offering a variety of banking products from savings accounts to home loans.

As a pioneer in digital advancements since the year of 1998, the bank’s operations extended globally spanning 11 countries including the US and UK, showcasing a strong customer-centric approach while making a transformation journey transitioning from a development institution into a full-service banking provider playing a crucial role in growth trajectory for India’s financial sector. Being a top private bank in India its current market cap is standing at 901,760.38 Crore INR.

ICICI Bank’s Q2 FY25 highlights: Net profit reached a record ₹11,746 crore, a 14.5% year-on-year increase. Total income rose to ₹47,714 crore, driven by strong net interest income. Gross NPAs improved to 1.97%.

On November 15, 2024, RBI named SBI, HDFC Bank, and ICICI Bank as the best private banks in India, designating them as Domestic Systemically Important Banks.

3. Axis Bank

Revenue: 19.31KCr

Net Income: 7.4KCr

CEO/ MD: Mr. Amitabh Chaudhry

Headquarter: Mumbai

Employee strength: 213,527

NIM: 3.99%

CASA: 44.37

Gross NPA: 1.44%

Customer Base: 104,332

Axis Bank was founded back in the year 1993, standing tall within the rankings of the top 10 private banks in India and recognized for its comprehensive range of all-encompassing monetary solutions through a robust network spanning over 5,000 branches alongside 15,953 ATMs spread throughout the nation delivering total suite services from savings accounts to investment options. 

Their competitive advantage lies with their home loan rates starting at 9.15% attracting a diverse pool of potential customers in search mortgage products, a unique selling proposition highlighting the bank’s focus towards catering varied financial needs of its clients. According to the latest market condition, its market cap holds 353,498.18 Crore INR.

In October 2024, the bank received approval from the Reserve Bank of India for the re-appointment of Amitabh Chaudhry as MD & CEO for another three-year term.

In the Q2 Fiscal Year 2025 financial report released on October 17th, Axis Bank reported a standalone profit increase of about 18% YoY, amounting to Rs 6,918 crore. Operating earnings rose by over 24% when compared with previous year-on figures, and net interest margin remained at around 4%.

4. Kotak Mahindra Bank

Revenue: 18.85KCr

Net Income: 5.04KCr

CEO/ MD: Ashok Vaswani

Headquarter: Mumbai

Employee strength: 116,000

NIM: 3.99%

CASA: 43.6%

Gross NPA: 1.39%

Customer Base: 51 Million 

Kotak Mahindra Bank, which is renowned as one of the top 10 private banks in India since its beginning in 2003, offers excellent financial services combining strong performance and unique solutions. It operates through 1,869 branches and 3,239 ATMs across the whole country.

Bank’s full collection includes savings, loans, credit cards, and investment items, arranged to meet different groups of customers. 

A strong banking system along with a focus on customers helps Kotak Mahindra Bank become a top choice among India’s top private banks. It serves both personal and company clients well. Additionally, according to the latest stock exchange figure, its current market cap stands at 350,205.17 Crore INR.

As per the latest financial highlights, Kotak Mahindra Bank’s 2024 Standalone Profit After Tax (PAT) rose 26% year-on-year to ₹13,782 crore, with Q4 FY24 PAT at ₹4,133 crore, up 18%. Consolidated PAT increased 22% to ₹18,213 crore. Net Interest Income grew 21% to ₹25,993 crore, while Total Assets Under Management surged 37% to ₹6,80,838 crore.

5. IDBI Bank

Revenue: 4.7KCr

Net Income: 1.86KCr

CEO/ MD: Rakesh Sharma

Headquarter: Mumbai

Employee strength: 18,283

NIM: 4.87%

CASA: 50.43

Gross NPA: 4.53%

Customer Base: 19,013

IDBI Bank, established in India in 1964, is among the top 10 private banks in India providing a diverse range of financial services, Initially operating under the public sector, it transitioned into a privately held entity in 2005. Headquartered in Mumbai, IDBI Bank offers an extensive array of services, spanning retail banking to large-scale enterprises, with a strong focus on digital solutions. IDBI Bank’s current market cap as of Nov 2024 is 82,556.94 Crore INR.

6. IndusInd Bank

Revenue: 5.71KCr 

Net Income: 1.33KCr 

CEO/ MD: Sumant Kathpalia

Headquarter: Mumbai

Employee strength: 45,637

NIM: 4.08%

CASA: 37.90

Gross NPA: 2.11%

Customer Base: 41 Million

IndusInd Bank is a well-known private bank established in 1994, which built its reputation on offering diverse financial products that cater to customer needs. This bank operates over  3,013 branches, and 2,988 ATMs across India for easy accessibility by customers, with a current market cap of 77,461.80 Crore INR. 

They provide services like savings accounts, current accounts, and various loan types including tailored credit card solutions based on each client’s unique requirements effectively serving more than nine million clients worldwide. This bank is considered the best private bank in India and has a current market cap of 77,761.73 Crore INR.

7. Yes Bank

Revenue: 3.38KCr

Net Income: 566.59Cr

CEO/ MD: Mr. Amitabh Chaudhry

Headquarter: Mumbai

Employee strength: 28,001

NIM: 2.5%

CASA: 30.90

Gross NPA: 1.70

Customer Base: 2 Million 

Yes Bank, established in 2004 as a private bank, has made significant progress within India’s competitive financial sector by offering a diverse and comprehensive suite of savings accounts, and current account options that include Sukanya Samriddhi PPF (Public Provident Fund), salary, Demat. 

Along with fixed deposits, recurring deposit schemes and various loan products based on client’s unique needs to cater to investment solutions are also available, making it the best private bank in India when it comes to the variety of services offered. Its current market cap stands at 60,223.13 Crore INR as of November 2024.

The bank’s appeal lies in its accessibility through over 1,192 branches and 1,301 ATMs across India and about the same number of branches ensuring easy financial services availability. They provide non-withdrawal deposits, which are ideal options complementing different types of investing strategies used by clients within their institution with customer satisfaction at the forefront.

8. Federal Bank

Revenue: 3.43KCr

Net Income: 1.1KCr

CEO/ MD: Shyam Srinivasan

Headquarter: Mumbai

Employee strength: 15,200+

NIM: 3.31%

CASA: 44.37

Gross NPA: 2.13 

Customer Base: 18.5 Million

Federal Bank, is eighth among our list of top 10 private banks in India, founded in 1931 with over 1,268 branches spread all around the country and a strong digital presence offering diverse financial services including retail banking and corporate finance solutions known for advanced tech innovation. Headquartered at Aluva Kerala it has consistently prioritized customer service delivering superior user experience throughout the years of operation. According to the latest market stats, its market cap stands at 51,365.32 Crore INR.

9. IDFC First Bank

Revenue: 4.78KCr 

Net Income: 211.94Cr

CEO/ MD: Mr. V Vaidyanathan

Headquarter: Mumbai

Employee strength: 35,352

NIM: 5.90%

CASA: 47.24

Gross NPA: 1.92% 

Customer Base: 8381

IDFC First Bank is a recent entrant in the private banking field. This company, formed in 2015, provides people with services like saving and checking accounts, money loans, and ways to invest. They are focusing on earning more customers. 

The bank has 809 branches, and  925 ATMs, which serve more than 10 million customers, holding a market cap of 46,951.51 Crore INR. With IDFC First Bank’s emphasis on technology and putting customers first, it has built a strong position quickly.

10. AU Small Finance Bank

Revenue: 2.24KCr

Net Income: 571.21Cr

CEO/ MD: Sanjay Agarwal

Headquarter: Jaipur

Employee strength: 27,817

NIM: 4.83

CASA: 33.40

Gross NPA: 1.44%

Customer Base: 4660000

AU Small Finance Bank started its journey in India in 1996 as AU Financiers (India) Ltd. It transformed into a small finance bank on April 19, 2017, following the RBI’s approval. This bank provides savings and current accounts, loans, and investment products to help low- and middle-income people and micro and small businesses. It has 2,383 points of service and 505 ATMs stretched over 25 states/UTs to ensure it reaches areas not easily served. As per the latest stock market figures its market cap stands at 44,305.89 Crore INR.

AU Small Finance Bank received notable awards in 2024, including Best SIP Performer and Best Performer in Bank Category by the Bombay Stock Exchange, ET Challenger 2Good Award at Economic Times CSR Awards, and Best ESG Practices Award at ASSOCHAM’s 19th Annual Summit.

Conclusion

The top 10 private banks in India play a significant role in driving growth, and inclusiveness while prioritizing innovation, and digital transformation for clients. Their commitment ensures future brightness within the banking industry, and access to investments via online trading platforms reinforces India’s thriving financial ecosystem grounded on technology-driven initiatives & customer centricity.