India's banking sector is an attractive opportunity for various investors. Its solid growth, strategic developments, and modern technology usage, backed by forward-thinking regulations, are key to its appeal.
The digital boom and financial inclusivity further enhance its potential. These factors have positioned Indian banking stocks favourably, garnering global investors' interest.
That’s why several individuals are interested in knowing more about the top stocks in this sector. In fact, this blog is a compilation of the top 5 banking stocks based on Google Search.
1. HDFC Bank
Incorporated in 1994, HDFC Bank is now the leading private sector bank in India. The bank has 5,600+ branches and 16,000+ ATMs across India, demonstrating impressive growth powered by its customer-focused strategies.
HDFC Bank continues to expand its presence and provide a wide range of financial services to both retail and institutional & corporate entities across the country.
Financially, HDFC Bank is continuing to surge with a net profit of Rs. 44,108 crores (FY23) an increase of 19.3% over Rs 36,961 crore for FY 22. The bank reported a total income of Rs. 192,800 crore during FY23.
HDFC’s strong business fundamentals, efficient risk management, and consistent profitability continue to attract diverse investors and interest in the stock continues to increase.
● HDFC Bank Share Price as of 14th Sept 2023: Rs. 1,642.90
● HDFC Bank Market Cap: Rs. 12,45,400.00 Cr
2. State Bank of India (SBI)
Established in 1806, SBI is the largest and oldest public sector bank in India. With more than 24,000 branches across the country, SBI is driven by customer-centric innovations.
The bank is potentially well-positioned to explore increasingly new digital avenues to expand its services across a wide demography.
SBI reported a net profit of Rs. 50,232 crores for FY23, registering an impressive YoY growth of 58.8%. Moreover, the bank registered a total income of Rs. 144,841 crores during FY 23.
SBI's robust market presence, effective risk management practices, and steady profitability make it an interesting option to search about on Google.
● SBI Share Price as of 14th Sept 2023: Rs. 597.30
● SBI Market Cap: Rs. 5,12,050.00 Cr
3. Punjab National Bank (PNB)
PNB, established in 1894, is one of India's oldest public sector banks with promising prospects. It currently operates over 7,000 branches throughout the country.
PNB's business model relies heavily on strong fundamentals, a customer-centric approach, and innovation. These three pillars will be crucial to not just PNB, but any modern bank’s growth in India.
The bank reported a net profit of Rs. 2,507 crores in FY23 which is a decline of 27% over the net profit of Rs 3,457 crores in FY22. However, the bank reported a total income of Rs. 97,286 crores during FY 23.
PNB aims to expand its digital footprint, offering a wide range of financial products and services.
● PNB Share Price as of 14th Sept 2023: Rs. 73.70
● PNB Market Cap: Rs. 67,739.80 Cr
4. Axis Bank
Axis Bank is a renowned private sector bank in India with over 4,000+ branches and extension counters and 12,700+ ATMs.
Axis Bank aims to enhance its customer-centric services for wider growth in the coming years. Financially, Axis Bank has a net profit of Rs. 21,933 crores (FY23).
The bank's total income during the period was reported as Rs. 75,948 crores. Its business model is based on strong fundamentals, innovation, and technology integration, much like others on this list.
● Axis Bank Share Price as of 14th Sept 2023: Rs. 1020.90
● Axis Bank Market Cap: Rs. 2,92,711.00 Cr
5. ICICI Bank
Established in 1994, ICICI Bank is a leading private-sector bank in India. With over 5,200+ branches and 15,580+ ATMs, ICICI Bank aims to expand its presence and offer innovative services.
ICICI Bank continues to embrace digital technology to provide seamless banking experiences. It reported a total income of Rs. 129,602 crores and a net profit of Rs. 31,896 crores during FY 23.
ICICI Bank's wide range of financial products and services, prudent risk management practices, and skilled workforce are geared toward ensuring long-term success.
● ICICI Bank Share Price as of 14th Sept 2023: Rs. 987.70
● ICICI Bank Market Cap: Rs. 6,80,649.00 Cr
Conclusion
As stock investing online continues to gain popularity, these banks are well-positioned to capitalize on this trend.
Their strong business models, customer-centric approach, and commitment to innovation make them interesting for individuals seeking to engage in stock trading online.
With their extensive range of financial products and services, these banks are poised for steady growth in the coming years. By using a reliable platform like Dhan, one can trade & invest in all listed stocks in India from a variety of sectors.
Dhan is India’s one of the leading online investing and trading platform that offer comprehensive technical tools and indicators to help users simplify the process and make the most of their training and investing journey.
Moneycontrol Journalists are not involved in creation of this article.
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