Nine banks reported double-digit percentage gains in market capitalization led by IDFC

NEW DELHI: Eighteen of India's 20 largest banks saw increases in market capitalization in the second quarter, boosted by a stock rally amid the banking sector's strong recovery, according to S&P Global Market Intelligence data and analysis.

Nine banks reported double-digit percentage gains in market capitalization, led by IDFC First Bank Ltd. with a 44.53% climb to $6.41 billion. The lender rose to No. 11 from No. 14 in the ranking.

IDBI Bank Ltd. climbed three spots to No. 8 after a 23 per cent expansion to $7.25 billion, according to S&P Global Market Intelligence data and analysis.

Large Indian banks retained their top slots in the second quarter. HDFC Bank Ltd. maintained the top spot with a market capitalization of $115.93 billion after its merger with Housing Development Finance Corp. Ltd. on July 1.

ICICI Bank Ltd. and State Bank of India kept second and third place, respectively, while Kotak Mahindra Bank Ltd. and Axis Bank Ltd. ranked fourth and fifth.

IndusInd Bank Ltd. and Bank of Baroda Ltd. switched spots at No. 6 and No. 7, S&P Global Market Intelligence data shows.

Central Bank of India dropped to 20th even after a 20.54 per cent market cap expansion. Indian Overseas Bank fell to 14th from 8th and Canara Bank dropped to 10th.

UCO Bank made the list at No. 17 after its market cap increased 12.76 per cent.

Just two lenders -- Bank of India Ltd. and The Federal Bank Ltd. -- posted market cap declines.