Twenty-six years ago, Aditya Puri took charge of a new bank in Mumbai. Under his leadership, HDFC Bank became the highest-valued financial institution in India and the tenth-most-valuable bank in the world, with a record of market-beating performance.
HDFC Bank's total returns to shareholders have exceeded industry averages during the past ten years.
Chart summary
A line graph shows total returns to shareholders1 since April 2010 for HDFC Bank and for index banks. From 2010 through 2015, HDFC Bank's total returns met or exceeded the index banks' total returns, except for a dip in 2013. From 2015 through 2020, HDFC Bank's total returns consistently exceeded those of the index banks.
Total returns to shareholders, April 2010–November 2020:
- HDFC Bank: 295%
- S&P 500 Banks: 108%
- S&P Emerging Asia—Pacific BMI Banks: 68%
CAGR, April 2010–November 2020:
- HDFC Bank: 14%
- S&P 500 Banks: 7%
- S&P Emerging Asia—Pacific BMI Banks: 5%
Market capitalization of HDFC Bank was $29 billion in 2010, $48 billion in 2015, and $107 billion in 2020.
Chart data
The line graph compares returns at a weekly interval. The following table samples the line graph data at roughly quarterly intervals.
| Date | HDFC Bank | S&P 500 Banks | S&P Emerging Asia—Pacific BMI Banks |
|---|---|---|---|
| April 2010 | 0 | 0 | 0 |
| July 2010 | -5 | -15 | -2 |
| October 2010 | 27 | -13 | 19 |
| January 2011 | 19 | 2 | 20 |
| April 2011 | 24 | 2 | 28 |
| July 2011 | 35 | -6 | 22 |
| October 2011 | 4 | -19 | -11 |
| January 2012 | -2 | -6 | -1 |
| April 2012 | 21 | 8 | 8 |
| July 2012 | 25 | 7 | 5 |
| October 2012 | 44 | 18 | 12 |
| January 2013 | 48 | 13 | 27 |
| April 2013 | 32 | 21 | 25 |
| July 2013 | 30 | 36 | 14 |
| October 2013 | 22 | 35 | 21 |
| January 2014 | 25 | 49 | 18 |
| April 2014 | 44 | 63 | 20 |
| July 2014 | 68 | 62 | 33 |
| October 2014 | 69 | 63 | 32 |
| January 2015 | 80 | 74 | 47 |
| April 2015 | 99 | 68 | 52 |
| July 2015 | 102 | 80 | 57 |
| October 2015 | 97 | 65 | 24 |
| January 2016 | 91 | 62 | 20 |
| April 2016 | 92 | 48 | 20 |
| July 2016 | 114 | 52 | 31 |
| October 2016 | 134 | 72 | 49 |
| January 2017 | 113 | 120 | 41 |
| April 2017 | 171 | 121 | 58 |
| July 2017 | 214 | 135 | 67 |
| October 2017 | 239 | 147 | 80 |
| January 2018 | 260 | 173 | 93 |
| April 2018 | 261 | 168 | 94 |
| July 2018 | 281 | 156 | 80 |
| October 2018 | 227 | 173 | 74 |
| January 2019 | 272 | 125 | 80 |
| April 2019 | 309 | 155 | 98 |
| July 2019 | 350 | 165 | 102 |
| October 2019 | 329 | 161 | 85 |
| January 2020 | 349 | 217 | 108 |
| April 2020 | 195 | 89 | 55 |
| July 2020 | 268 | 98 | 77 |
| October 2020 | 288 | 110 | 63 |
| November 2020 | 295 | 108 | 68 |
Notes
1Includes dividends as well as price returns.
Source: S&P Capital IQ
McKinsey & Company
To read the interview, see “‘Keep it simple’: Aditya Puri on HDFC Bank’s path to market leadership,” December 14, 2020.