IOB, Axis among FE Best Banks

Written by Banking Bureau | Mumbai, Mar 30 | Updated: Mar 31 2008, 07:05am hrs
Its that time of the year again when The Financial Express honours the best of Indian banking. At a time when the global financial turbulence is taking its toll on even the biggest and most resilient banks around the world, the FE Best Banks 2007 rankings tell you which are the ones among those doing business in India that have performed well in FY07. As the Indian banking environment gets more challenging and competitive, FE brings you the lenders to watch out for.

This year, there are at least two ties in different categories, which reflect the keen tussle for excellence.

Like every year, FE Best Banks rankings have been put out in conjunction with knowledge partner Ernst & Young. Broadly, banks have been categorised as nationalised, new private sector, old private sector and foreign. The rankings are also based on parameters like strength and soundness, growth, profitability, efficiency and credit quality, none of which can be overemphasised in todays banking environment.

For FY07, the nationalised banks category has Indian Overseas Bank topping the list, while Indian Bank and State Bank of Hyderabad are joint second. In the new private sector banks category, there has been tough competition, with Axis Bank and HDFC Bank tied for the top spot. Karur Vysya Bank once again tops the list of old private sector banks, followed by Federal Bank at number two. Among foreign banks, Bank of America tops the list followed by HSBC at the second spot.

In the parameter-wise listings, state-run Canara Bank which has recently undergone a brand makeover tops in strength and soundness, while Deutsche Bank, which has ramped up its presence considerably in the recent past, is the number one bank in terms of growth. The profitability stakes go to Standard Chartered Bank, which is the number one in that parameter, while Bank of America comes up as the most efficient one, as well. The new-generation Yes Bank is number one in credit quality.

The FE Best Banks 2007 is, therefore, a pointer to all stakeholders in the banking spacethe regulator, the depositors, the shareholders and, of course, the bank brass itself.

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