# Banks - Private — company-by-company sector analysis

> Banks - Private: HDFC Bank Ltd owns the largest revenue base; Dhanlaxmi Bank Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Banks - Private has outperformed NIFTY 500 by 30% over 52 weeks and 11.8% over 13 weeks. 14 of 18 covered companies beat NIFTY on Mansfield relative strength, while 8 of 18 beat the sector itself. HDFC Bank Ltd leads with income of ₹3,51,818 crore, based on 18 of 18 comparable companies through Jun 2026.

### Is the Banks - Private sector outperforming NIFTY 500?

Banks - Private has outperformed NIFTY 500 by 30% over 52 weeks and 11.8% over 13 weeks. 14 of 18 covered companies beat NIFTY on Mansfield relative strength, while 8 of 18 beat the sector itself.

### Which Banks - Private company is largest by income?

HDFC Bank Ltd leads with income of ₹3,51,818 crore, based on 18 of 18 comparable companies through Jun 2026.

### Which Banks - Private company is growing fastest?

Dhanlaxmi Bank Ltd has the fastest current income growth at 21.3%, across 18 of 18 comparable companies.

### Which Banks - Private company has the strongest 4-Factor Sector Score?

Tamilnad Mercantile Bank Ltd ranks first at 73/100 with 92.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Banks - Private company has the largest deposit base?

Axis Bank Ltd has the largest reported deposit base at ₹13,71,173 crore. Bank borrowings are operating funding, not industrial leverage.

### Which Banks - Private company has the lowest comparable P/BV-to-ROE?

Jammu and Kashmir Bank Ltd has the lowest comparable P/BV ÷ ROE at 0.07, among 18 of 18 companies that pass the metric’s comparability rules.

### How much history does this Banks - Private comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Banks - Private has outperformed NIFTY 500 by 30% over the last 52 weeks. Over 13 weeks the gap is a lead of 11.8%. 14 of 18 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Jammu and Kashmir Bank Ltd is the strongest against the sector itself at +25.2%.

13-week sector return versus NIFTY 500: 12%
52-week sector return versus NIFTY 500: 30%
Stocks leading NIFTY: 14/18
Stocks leading sector: 8/18

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 18
Combined market value: ₹34.4 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Tamilnad Mercantile Bank Ltd (TMB): 73/100 — Favorable setup; evidence 93%
   - Growth & earnings 20.0/35 | Capital efficiency 22.1/25 | Valuation 12.9/20 | Relative strength 18.0/20
   - Exact sum: 20 + 22.1 + 12.9 + 18 = 73
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Karur Vysya Bank Ltd (KARURVYSYA): 71/100 — Favorable setup; evidence 100%
   - Growth & earnings 26.8/35 | Capital efficiency 22.9/25 | Valuation 7.6/20 | Relative strength 13.7/20
   - Exact sum: 26.8 + 22.9 + 7.6 + 13.7 = 71
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Jammu and Kashmir Bank Ltd (J&KBANK): 65/100 — Favorable setup; evidence 84%
   - Growth & earnings 15.3/35 | Capital efficiency 16.2/25 | Valuation 13.7/20 | Relative strength 20.0/20
   - Exact sum: 15.3 + 16.2 + 13.7 + 20 = 65.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 45.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. City Union Bank Ltd (CUB): 65/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 24.0/35 | Capital efficiency 16.2/25 | Valuation 10.5/20 | Relative strength 13.8/20
   - Exact sum: 24 + 16.2 + 10.5 + 13.8 = 64.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. South Indian Bank Ltd (SOUTHBANK): 64/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 22.5/35 | Capital efficiency 13.4/25 | Valuation 14.6/20 | Relative strength 13.9/20
   - Exact sum: 22.5 + 13.4 + 14.6 + 13.9 = 64.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. DCB Bank Ltd (DCBBANK): 58/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 23.8/35 | Capital efficiency 11.4/25 | Valuation 17.1/20 | Relative strength 6.1/20
   - Exact sum: 23.8 + 11.4 + 17.1 + 6.1 = 58.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -4.1% and the one-year return is 26.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
7. Dhanlaxmi Bank Ltd (DHANBANK): 58/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 25.3/35 | Capital efficiency 8.3/25 | Valuation 7.9/20 | Relative strength 16.7/20
   - Exact sum: 25.3 + 8.3 + 7.9 + 16.7 = 58.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Federal Bank Ltd (FEDERALBNK): 52/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 16.9/35 | Capital efficiency 12.8/25 | Valuation 5.6/20 | Relative strength 16.7/20
   - Exact sum: 16.9 + 12.8 + 5.6 + 16.7 = 52
   - Decision use: Price leads the evidence: RS versus the benchmark is 35.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Yes Bank Ltd (YESBANK): 52/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 22.4/35 | Capital efficiency 12.3/25 | Valuation 7.5/20 | Relative strength 9.6/20
   - Exact sum: 22.4 + 12.3 + 7.5 + 9.6 = 51.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Karnataka Bank Ltd (KTKBANK): 49/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 9.0/35 | Capital efficiency 10.1/25 | Valuation 15.0/20 | Relative strength 15.1/20
   - Exact sum: 9 + 10.1 + 15 + 15.1 = 49.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 31.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11. ICICI Bank Ltd (ICICIBANK): 48/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 11.0/35 | Capital efficiency 19.9/25 | Valuation 9.6/20 | Relative strength 7.2/20
   - Exact sum: 11 + 19.9 + 9.6 + 7.2 = 47.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. HDFC Bank Ltd (HDFCBANK): 47/100 — Mixed-negative evidence; evidence 78%
   - Growth & earnings 13.1/35 | Capital efficiency 17.2/25 | Valuation 13.9/20 | Relative strength 3.0/20
   - Exact sum: 13.1 + 17.2 + 13.9 + 3 = 47.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
13. RBL Bank Ltd (RBLBANK): 43/100 — Mixed-negative evidence; evidence 88%
   - Growth & earnings 23.3/35 | Capital efficiency 6.6/25 | Valuation 5.1/20 | Relative strength 7.7/20
   - Exact sum: 23.3 + 6.6 + 5.1 + 7.7 = 42.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. IDFC First Bank Ltd (IDFCFIRSTB): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 26.7/35 | Capital efficiency 6.0/25 | Valuation 3.5/20 | Relative strength 6.2/20
   - Exact sum: 26.7 + 6 + 3.5 + 6.2 = 42.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -17.6% and the one-year return is 10.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
15. Kotak Mahindra Bank Ltd (KOTAKBANK): 39/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 9.1/35 | Capital efficiency 16.3/25 | Valuation 9.1/20 | Relative strength 4.8/20
   - Exact sum: 9.1 + 16.3 + 9.1 + 4.8 = 39.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Axis Bank Ltd (AXISBANK): 38/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 6.2/35 | Capital efficiency 15.2/25 | Valuation 14.2/20 | Relative strength 2.3/20
   - Exact sum: 6.2 + 15.2 + 14.2 + 2.3 = 37.9
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
17. IndusInd Bank Ltd (INDUSINDBK): 32/100 — Adverse evidence; evidence 100%
   - Growth & earnings 12.6/35 | Capital efficiency 2.5/25 | Valuation 3.2/20 | Relative strength 13.7/20
   - Exact sum: 12.6 + 2.5 + 3.2 + 13.7 = 32
   - Decision use: Price leads the evidence: RS versus the benchmark is 17.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
18. Bandhan Bank Ltd (BANDHANBNK): 24/100 — Adverse evidence; evidence 100%
   - Growth & earnings 9.1/35 | Capital efficiency 5.7/25 | Valuation 6.5/20 | Relative strength 2.3/20
   - Exact sum: 9.1 + 5.7 + 6.5 + 2.3 = 23.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Income Scale & Growth Durability

What the numbers say: HDFC Bank Ltd is the scale leader at ₹3,51,818 crore, 77.3% ahead of ICICI Bank Ltd. Dhanlaxmi Bank Ltd's growth is 21.3% from a ₹1,602 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: HDFC Bank Ltd is the scale benchmark; Dhanlaxmi Bank Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: HDFC Bank Ltd's growth falls below Dhanlaxmi Bank Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: HDFC Bank Ltd · ₹3,51,818 crore | 77.3% versus #2 · ICICI Bank Ltd | 8/8 recent comparable periods | 18/18 companies · 335 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. HDFC Bank Ltd (HDFCBANK): ₹3.5 L Cr
2. ICICI Bank Ltd (ICICIBANK): ₹2.0 L Cr
3. Axis Bank Ltd (AXISBANK): ₹1.4 L Cr
4. Kotak Mahindra Bank Ltd (KOTAKBANK): ₹70.9K Cr
5. IndusInd Bank Ltd (INDUSINDBK): ₹45.3K Cr

### Income growth — fastest growers
1. Dhanlaxmi Bank Ltd (DHANBANK): 21%
2. City Union Bank Ltd (CUB): 18%
3. Karur Vysya Bank Ltd (KARURVYSYA): 16%
4. IDFC First Bank Ltd (IDFCFIRSTB): 12%
5. DCB Bank Ltd (DCBBANK): 12%

### 20-quarter Income history
- HDFCBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹45.0K Cr | Mar 2023 ₹47.5K Cr | Jun 2023 ₹51.2K Cr | Sep 2023 ₹75.0K Cr | Dec 2023 ₹78.0K Cr | Mar 2024 ₹79.4K Cr | Jun 2024 ₹81.5K Cr | Sep 2024 ₹83.0K Cr | Dec 2024 ₹85.0K Cr | Mar 2025 ₹86.8K Cr | Jun 2025 ₹87.4K Cr | Sep 2025 ₹87.0K Cr | Dec 2025 ₹87.1K Cr | Mar 2026 ₹87.2K Cr | Jun 2026 ₹90.6K Cr
- ICICIBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹31.6K Cr | Mar 2023 ₹34.4K Cr | Jun 2023 ₹37.1K Cr | Sep 2023 ₹38.9K Cr | Dec 2023 ₹40.9K Cr | Mar 2024 ₹42.6K Cr | Jun 2024 ₹44.6K Cr | Sep 2024 ₹46.3K Cr | Dec 2024 ₹47.0K Cr | Mar 2025 ₹48.4K Cr | Jun 2025 ₹49.1K Cr | Sep 2025 ₹48.2K Cr | Dec 2025 ₹48.4K Cr | Mar 2026 ₹49.6K Cr | Jun 2026 ₹52.2K Cr
- KOTAKBANK: Sep 2021 ₹8.2K Cr | Dec 2021 ₹8.6K Cr | Mar 2022 ₹8.8K Cr | Jun 2022 ₹9.2K Cr | Sep 2022 ₹10.0K Cr | Dec 2022 ₹11.0K Cr | Mar 2023 ₹12.0K Cr | Jun 2023 ₹12.9K Cr | Sep 2023 ₹13.7K Cr | Dec 2023 ₹14.5K Cr | Mar 2024 ₹15.2K Cr | Jun 2024 ₹15.8K Cr | Sep 2024 ₹16.4K Cr | Dec 2024 ₹16.6K Cr | Mar 2025 ₹16.8K Cr | Jun 2025 ₹17.2K Cr | Sep 2025 ₹17.2K Cr | Dec 2025 ₹17.5K Cr | Mar 2026 ₹17.8K Cr | Jun 2026 ₹18.4K Cr
- AXISBANK: Sep 2021 ₹16.7K Cr | Dec 2021 ₹17.7K Cr | Mar 2022 ₹18.2K Cr | Jun 2022 ₹19.2K Cr | Sep 2022 ₹20.8K Cr | Dec 2022 ₹22.8K Cr | Mar 2023 ₹24.6K Cr | Jun 2023 ₹26.2K Cr | Sep 2023 ₹27.4K Cr | Dec 2023 ₹28.9K Cr | Mar 2024 ₹30.2K Cr | Jun 2024 ₹31.2K Cr | Sep 2024 ₹31.6K Cr | Dec 2024 ₹32.2K Cr | Mar 2025 ₹32.5K Cr | Jun 2025 ₹32.3K Cr | Sep 2025 ₹32.3K Cr | Dec 2025 ₹33.7K Cr | Mar 2026 ₹34.2K Cr | Jun 2026 ₹35.5K Cr
- FEDERALBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.7K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹6.1K Cr | Mar 2024 ₹6.3K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹7.0K Cr | Dec 2024 ₹7.3K Cr | Mar 2025 ₹7.1K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹7.2K Cr | Dec 2025 ₹7.4K Cr | Mar 2026 ₹7.9K Cr | Jun 2026 ₹7.9K Cr
- INDUSINDBK: Sep 2021 ₹7.7K Cr | Dec 2021 ₹7.7K Cr | Mar 2022 ₹7.9K Cr | Jun 2022 ₹8.2K Cr | Sep 2022 ₹8.7K Cr | Dec 2022 ₹9.5K Cr | Mar 2023 ₹10.0K Cr | Jun 2023 ₹10.7K Cr | Sep 2023 ₹11.2K Cr | Dec 2023 ₹11.6K Cr | Mar 2024 ₹12.2K Cr | Jun 2024 ₹12.5K Cr | Sep 2024 ₹12.7K Cr | Dec 2024 ₹12.8K Cr | Mar 2025 ₹10.6K Cr | Jun 2025 ₹12.3K Cr | Sep 2025 ₹11.6K Cr | Dec 2025 ₹11.4K Cr | Mar 2026 ₹11.0K Cr | Jun 2026 ₹11.3K Cr
- YESBANK: Sep 2021 ₹4.7K Cr | Dec 2021 ₹4.9K Cr | Mar 2022 ₹4.9K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹6.4K Cr | Sep 2023 ₹6.7K Cr | Dec 2023 ₹7.0K Cr | Mar 2024 ₹7.5K Cr | Jun 2024 ₹7.7K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹7.8K Cr | Mar 2025 ₹7.6K Cr | Jun 2025 ₹7.6K Cr | Sep 2025 ₹7.4K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹7.7K Cr | Jun 2026 ₹8.1K Cr
- IDFCFIRSTB: Sep 2021 ₹4.1K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹6.4K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹7.4K Cr | Dec 2023 ₹7.9K Cr | Mar 2024 ₹8.2K Cr | Jun 2024 ₹8.8K Cr | Sep 2024 ₹9.0K Cr | Dec 2024 ₹9.3K Cr | Mar 2025 ₹9.4K Cr | Jun 2025 ₹9.6K Cr | Sep 2025 ₹9.9K Cr | Dec 2025 ₹10.4K Cr | Mar 2026 ₹10.6K Cr | Jun 2026 ₹11.1K Cr
- RBLBANK: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 ₹3.8K Cr
- KARURVYSYA: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 ₹3.0K Cr
- BANDHANBNK: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 ₹5.6K Cr
- CUB: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- J&KBANK: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- TMB: Sep 2021 ₹950 Cr | Dec 2021 ₹959 Cr | Mar 2022 ₹986 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹997 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- SOUTHBANK: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.6K Cr
- KTKBANK: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- DCBBANK: Sep 2021 ₹869 Cr | Dec 2021 ₹878 Cr | Mar 2022 ₹920 Cr | Jun 2022 ₹949 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹2.0K Cr
- DHANBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹276 Cr | Mar 2023 ₹274 Cr | Jun 2023 ₹289 Cr | Sep 2023 ₹304 Cr | Dec 2023 ₹308 Cr | Mar 2024 ₹306 Cr | Jun 2024 ₹306 Cr | Sep 2024 ₹329 Cr | Dec 2024 ₹335 Cr | Mar 2025 ₹351 Cr | Jun 2025 ₹368 Cr | Sep 2025 ₹384 Cr | Dec 2025 ₹407 Cr | Mar 2026 ₹443 Cr | Jun 2026 —

### 20-quarter Income growth history
- HDFCBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 73% | Mar 2024 67% | Jun 2024 59% | Sep 2024 11% | Dec 2024 9.0% | Mar 2025 9.3% | Jun 2025 7.1% | Sep 2025 4.8% | Dec 2025 2.4% | Mar 2026 0.5% | Jun 2026 3.7%
- ICICIBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 29% | Mar 2024 24% | Jun 2024 20% | Sep 2024 19% | Dec 2024 15% | Mar 2025 14% | Jun 2025 10% | Sep 2025 4.0% | Dec 2025 2.8% | Mar 2026 2.5% | Jun 2026 6.4%
- KOTAKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 28% | Mar 2023 36% | Jun 2023 40% | Sep 2023 37% | Dec 2023 32% | Mar 2024 26% | Jun 2024 23% | Sep 2024 20% | Dec 2024 15% | Mar 2025 11% | Jun 2025 8.9% | Sep 2025 4.7% | Dec 2025 5.3% | Mar 2026 6.3% | Jun 2026 6.4%
- AXISBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 29% | Mar 2023 35% | Jun 2023 37% | Sep 2023 32% | Dec 2023 26% | Mar 2024 23% | Jun 2024 19% | Sep 2024 15% | Dec 2024 11% | Mar 2025 7.4% | Jun 2025 3.8% | Sep 2025 2.2% | Dec 2025 4.8% | Mar 2026 5.3% | Jun 2026 9.9%
- FEDERALBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 30% | Mar 2024 26% | Jun 2024 26% | Sep 2024 21% | Dec 2024 19% | Mar 2025 12% | Jun 2025 6.3% | Sep 2025 3.0% | Dec 2025 1.3% | Mar 2026 12% | Jun 2026 9.9%
- INDUSINDBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.0% | Sep 2022 14% | Dec 2022 22% | Mar 2023 27% | Jun 2023 31% | Sep 2023 29% | Dec 2023 22% | Mar 2024 22% | Jun 2024 17% | Sep 2024 13% | Dec 2024 11% | Mar 2025 -13% | Jun 2025 -2.3% | Sep 2025 -8.5% | Dec 2025 -11% | Mar 2026 3.5% | Jun 2026 -7.8%
- YESBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 20% | Mar 2023 26% | Jun 2023 26% | Sep 2023 23% | Dec 2023 19% | Mar 2024 20% | Jun 2024 20% | Sep 2024 15% | Dec 2024 12% | Mar 2025 2.2% | Jun 2025 -1.6% | Sep 2025 -4.5% | Dec 2025 -3.6% | Mar 2026 0.5% | Jun 2026 5.9%
- IDFCFIRSTB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 33% | Dec 2022 33% | Mar 2023 41% | Jun 2023 40% | Sep 2023 34% | Dec 2023 33% | Mar 2024 28% | Jun 2024 28% | Sep 2024 22% | Dec 2024 19% | Mar 2025 15% | Jun 2025 9.7% | Sep 2025 11% | Dec 2025 12% | Mar 2026 12% | Jun 2026 15%
- RBLBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 19% | Mar 2023 20% | Jun 2023 30% | Sep 2023 33% | Dec 2023 28% | Mar 2024 26% | Jun 2024 22% | Sep 2024 17% | Dec 2024 11% | Mar 2025 4.1% | Jun 2025 -1.6% | Sep 2025 -0.7% | Dec 2025 3.7% | Mar 2026 7.0% | Jun 2026 12%
- KARURVYSYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13% | Dec 2022 21% | Mar 2023 25% | Jun 2023 28% | Sep 2023 26% | Dec 2023 26% | Mar 2024 24% | Jun 2024 21% | Sep 2024 20% | Dec 2024 16% | Mar 2025 15% | Jun 2025 12% | Sep 2025 18% | Dec 2025 12% | Mar 2026 15% | Jun 2026 19%
- BANDHANBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 19% | Dec 2022 12% | Mar 2023 10% | Jun 2023 12% | Sep 2023 19% | Dec 2023 23% | Mar 2024 22% | Jun 2024 22% | Sep 2024 22% | Dec 2024 17% | Mar 2025 4.7% | Jun 2025 -1.1% | Sep 2025 -2.7% | Dec 2025 -0.9% | Mar 2026 -0.1% | Jun 2026 2.8%
- CUB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 16% | Dec 2022 17% | Mar 2023 17% | Jun 2023 15% | Sep 2023 10% | Dec 2023 10.0% | Mar 2024 12% | Jun 2024 9.7% | Sep 2024 10.0% | Dec 2024 12% | Mar 2025 12% | Jun 2025 16% | Sep 2025 15% | Dec 2025 19% | Mar 2026 21% | Jun 2026 —
- J&KBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.7% | Sep 2022 16% | Dec 2022 21% | Mar 2023 25% | Jun 2023 26% | Sep 2023 20% | Dec 2023 18% | Mar 2024 16% | Jun 2024 13% | Sep 2024 13% | Dec 2024 11% | Mar 2025 10% | Jun 2025 9.2% | Sep 2025 5.4% | Dec 2025 3.3% | Mar 2026 1.9% | Jun 2026 —
- TMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.1% | Sep 2022 5.0% | Dec 2022 5.5% | Mar 2023 8.5% | Jun 2023 15% | Sep 2023 21% | Dec 2023 21% | Mar 2024 17% | Jun 2024 11% | Sep 2024 11% | Dec 2024 8.3% | Mar 2025 7.0% | Jun 2025 8.2% | Sep 2025 5.7% | Dec 2025 10% | Mar 2026 16% | Jun 2026 —
- SOUTHBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.7% | Dec 2022 14% | Mar 2023 21% | Jun 2023 25% | Sep 2023 22% | Dec 2023 15% | Mar 2024 15% | Jun 2024 14% | Sep 2024 11% | Dec 2024 8.6% | Mar 2025 4.3% | Jun 2025 2.1% | Sep 2025 2.2% | Dec 2025 6.2% | Mar 2026 7.8% | Jun 2026 11%
- KTKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.9% | Sep 2022 14% | Dec 2022 18% | Mar 2023 25% | Jun 2023 20% | Sep 2023 14% | Dec 2023 14% | Mar 2024 12% | Jun 2024 16% | Sep 2024 10% | Dec 2024 6.2% | Mar 2025 2.6% | Jun 2025 -0.8% | Sep 2025 -2.5% | Dec 2025 -1.0% | Mar 2026 -0.0% | Jun 2026 —
- DCBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 15% | Dec 2022 22% | Mar 2023 28% | Jun 2023 30% | Sep 2023 31% | Dec 2023 28% | Mar 2024 23% | Jun 2024 20% | Sep 2024 20% | Dec 2024 22% | Mar 2025 21% | Jun 2025 22% | Sep 2025 16% | Dec 2025 11% | Mar 2026 9.5% | Jun 2026 9.4%
- DHANBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 12% | Jun 2024 5.9% | Sep 2024 8.2% | Dec 2024 8.8% | Mar 2025 15% | Jun 2025 20% | Sep 2025 17% | Dec 2025 21% | Mar 2026 26% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: HDFC Bank Ltd leads with ₹82,512 crore of TTM profit, 38.1% above ICICI Bank Ltd. IDFC First Bank Ltd shows 77.3% growth from a ₹2,306 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: HDFC Bank Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: HDFC Bank Ltd · ₹82,512 crore | 38.1% versus #2 · ICICI Bank Ltd | 7/8 recent comparable periods | 18/18 companies · 335 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. HDFC Bank Ltd (HDFCBANK): ₹82.5K Cr
2. ICICI Bank Ltd (ICICIBANK): ₹59.8K Cr
3. Axis Bank Ltd (AXISBANK): ₹27.9K Cr
4. Kotak Mahindra Bank Ltd (KOTAKBANK): ₹20.3K Cr
5. Federal Bank Ltd (FEDERALBNK): ₹4.8K Cr

### Profit growth — fastest growers
1. IDFC First Bank Ltd (IDFCFIRSTB): 77%
2. RBL Bank Ltd (RBLBANK): 55%
3. Dhanlaxmi Bank Ltd (DHANBANK): 52%
4. Yes Bank Ltd (YESBANK): 38%
5. Karur Vysya Bank Ltd (KARURVYSYA): 37%

### 20-quarter Net profit history
- HDFCBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12.7K Cr | Mar 2023 ₹12.6K Cr | Jun 2023 ₹12.4K Cr | Sep 2023 ₹17.3K Cr | Dec 2023 ₹17.7K Cr | Mar 2024 ₹18.0K Cr | Jun 2024 ₹17.2K Cr | Sep 2024 ₹18.6K Cr | Dec 2024 ₹18.3K Cr | Mar 2025 ₹19.3K Cr | Jun 2025 ₹17.1K Cr | Sep 2025 ₹20.4K Cr | Dec 2025 ₹20.7K Cr | Mar 2026 ₹21.1K Cr | Jun 2026 ₹20.4K Cr
- ICICIBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9.2K Cr | Mar 2023 ₹10.2K Cr | Jun 2023 ₹11.0K Cr | Sep 2023 ₹11.4K Cr | Dec 2023 ₹11.5K Cr | Mar 2024 ₹12.2K Cr | Jun 2024 ₹12.5K Cr | Sep 2024 ₹13.9K Cr | Dec 2024 ₹13.8K Cr | Mar 2025 ₹14.4K Cr | Jun 2025 ₹14.5K Cr | Sep 2025 ₹14.3K Cr | Dec 2025 ₹13.5K Cr | Mar 2026 ₹15.7K Cr | Jun 2026 ₹16.3K Cr
- KOTAKBANK: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹7.4K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 ₹5.5K Cr
- AXISBANK: Sep 2021 ₹3.4K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹5.6K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹-5.3K Cr | Jun 2023 ₹6.1K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹6.5K Cr | Mar 2024 ₹7.6K Cr | Jun 2024 ₹6.5K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹7.5K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹7.1K Cr | Mar 2026 ₹7.6K Cr | Jun 2026 ₹7.7K Cr
- FEDERALBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹856 Cr | Mar 2023 ₹964 Cr | Jun 2023 ₹894 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹996 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹951 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹951 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.3K Cr
- INDUSINDBK: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹-2.3K Cr | Jun 2025 ₹604 Cr | Sep 2025 ₹-437 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹594 Cr | Jun 2026 ₹1.0K Cr
- YESBANK: Sep 2021 ₹223 Cr | Dec 2021 ₹266 Cr | Mar 2022 ₹372 Cr | Jun 2022 ₹314 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹206 Cr | Jun 2023 ₹347 Cr | Sep 2023 ₹229 Cr | Dec 2023 ₹243 Cr | Mar 2024 ₹467 Cr | Jun 2024 ₹516 Cr | Sep 2024 ₹567 Cr | Dec 2024 ₹619 Cr | Mar 2025 ₹745 Cr | Jun 2025 ₹809 Cr | Sep 2025 ₹664 Cr | Dec 2025 ₹957 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.1K Cr
- IDFCFIRSTB: Sep 2021 ₹111 Cr | Dec 2021 ₹290 Cr | Mar 2022 ₹352 Cr | Jun 2022 ₹485 Cr | Sep 2022 ₹567 Cr | Dec 2022 ₹617 Cr | Mar 2023 ₹816 Cr | Jun 2023 ₹732 Cr | Sep 2023 ₹747 Cr | Dec 2023 ₹732 Cr | Mar 2024 ₹732 Cr | Jun 2024 ₹643 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹340 Cr | Mar 2025 ₹296 Cr | Jun 2025 ₹453 Cr | Sep 2025 ₹348 Cr | Dec 2025 ₹479 Cr | Mar 2026 ₹331 Cr | Jun 2026 ₹1.1K Cr
- RBLBANK: Sep 2021 ₹10 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹209 Cr | Sep 2022 ₹188 Cr | Dec 2022 ₹225 Cr | Mar 2023 ₹299 Cr | Jun 2023 ₹319 Cr | Sep 2023 ₹331 Cr | Dec 2023 ₹245 Cr | Mar 2024 ₹364 Cr | Jun 2024 ₹351 Cr | Sep 2024 ₹232 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹214 Cr | Sep 2025 ₹192 Cr | Dec 2025 ₹228 Cr | Mar 2026 ₹244 Cr | Jun 2026 ₹234 Cr
- KARURVYSYA: Sep 2021 ₹165 Cr | Dec 2021 ₹185 Cr | Mar 2022 ₹213 Cr | Jun 2022 ₹229 Cr | Sep 2022 ₹250 Cr | Dec 2022 ₹289 Cr | Mar 2023 ₹338 Cr | Jun 2023 ₹359 Cr | Sep 2023 ₹378 Cr | Dec 2023 ₹412 Cr | Mar 2024 ₹456 Cr | Jun 2024 ₹459 Cr | Sep 2024 ₹474 Cr | Dec 2024 ₹496 Cr | Mar 2025 ₹513 Cr | Jun 2025 ₹521 Cr | Sep 2025 ₹574 Cr | Dec 2025 ₹690 Cr | Mar 2026 ₹725 Cr | Jun 2026 ₹756 Cr
- BANDHANBNK: Sep 2021 ₹-3.0K Cr | Dec 2021 ₹859 Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹887 Cr | Sep 2022 ₹209 Cr | Dec 2022 ₹291 Cr | Mar 2023 ₹808 Cr | Jun 2023 ₹721 Cr | Sep 2023 ₹721 Cr | Dec 2023 ₹733 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹937 Cr | Dec 2024 ₹426 Cr | Mar 2025 ₹318 Cr | Jun 2025 ₹372 Cr | Sep 2025 ₹112 Cr | Dec 2025 ₹206 Cr | Mar 2026 ₹534 Cr | Jun 2026 ₹502 Cr
- CUB: Sep 2021 ₹182 Cr | Dec 2021 ₹196 Cr | Mar 2022 ₹209 Cr | Jun 2022 ₹225 Cr | Sep 2022 ₹276 Cr | Dec 2022 ₹218 Cr | Mar 2023 ₹218 Cr | Jun 2023 ₹227 Cr | Sep 2023 ₹281 Cr | Dec 2023 ₹253 Cr | Mar 2024 ₹255 Cr | Jun 2024 ₹264 Cr | Sep 2024 ₹285 Cr | Dec 2024 ₹286 Cr | Mar 2025 ₹288 Cr | Jun 2025 ₹306 Cr | Sep 2025 ₹329 Cr | Dec 2025 ₹332 Cr | Mar 2026 ₹360 Cr | Jun 2026 —
- J&KBANK: Sep 2021 ₹107 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹119 Cr | Jun 2022 ₹161 Cr | Sep 2022 ₹240 Cr | Dec 2022 ₹307 Cr | Mar 2023 ₹473 Cr | Jun 2023 ₹331 Cr | Sep 2023 ₹384 Cr | Dec 2023 ₹423 Cr | Mar 2024 ₹633 Cr | Jun 2024 ₹418 Cr | Sep 2024 ₹553 Cr | Dec 2024 ₹529 Cr | Mar 2025 ₹582 Cr | Jun 2025 ₹485 Cr | Sep 2025 ₹495 Cr | Dec 2025 ₹581 Cr | Mar 2026 ₹799 Cr | Jun 2026 —
- TMB: Sep 2021 ₹191 Cr | Dec 2021 ₹203 Cr | Mar 2022 ₹227 Cr | Jun 2022 ₹234 Cr | Sep 2022 ₹262 Cr | Dec 2022 ₹280 Cr | Mar 2023 ₹253 Cr | Jun 2023 ₹261 Cr | Sep 2023 ₹274 Cr | Dec 2023 ₹284 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹287 Cr | Sep 2024 ₹303 Cr | Dec 2024 ₹300 Cr | Mar 2025 ₹292 Cr | Jun 2025 ₹305 Cr | Sep 2025 ₹318 Cr | Dec 2025 ₹342 Cr | Mar 2026 ₹374 Cr | Jun 2026 —
- SOUTHBANK: Sep 2021 ₹-187 Cr | Dec 2021 ₹-50 Cr | Mar 2022 ₹272 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹223 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹334 Cr | Jun 2023 ₹203 Cr | Sep 2023 ₹275 Cr | Dec 2023 ₹305 Cr | Mar 2024 ₹287 Cr | Jun 2024 ₹294 Cr | Sep 2024 ₹325 Cr | Dec 2024 ₹342 Cr | Mar 2025 ₹342 Cr | Jun 2025 ₹322 Cr | Sep 2025 ₹352 Cr | Dec 2025 ₹374 Cr | Mar 2026 ₹407 Cr | Jun 2026 ₹378 Cr
- KTKBANK: Sep 2021 ₹125 Cr | Dec 2021 ₹146 Cr | Mar 2022 ₹130 Cr | Jun 2022 ₹114 Cr | Sep 2022 ₹412 Cr | Dec 2022 ₹301 Cr | Mar 2023 ₹354 Cr | Jun 2023 ₹371 Cr | Sep 2023 ₹330 Cr | Dec 2023 ₹331 Cr | Mar 2024 ₹274 Cr | Jun 2024 ₹400 Cr | Sep 2024 ₹336 Cr | Dec 2024 ₹284 Cr | Mar 2025 ₹253 Cr | Jun 2025 ₹292 Cr | Sep 2025 ₹319 Cr | Dec 2025 ₹291 Cr | Mar 2026 ₹408 Cr | Jun 2026 —
- DCBBANK: Sep 2021 ₹65 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹113 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹114 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹127 Cr | Sep 2023 ₹127 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹156 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹177 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹184 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹206 Cr | Jun 2026 ₹213 Cr
- DHANBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹22 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹43 Cr | Jun 2026 —

### 20-quarter Profit growth history
- HDFCBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 39% | Mar 2024 43% | Jun 2024 39% | Sep 2024 7.6% | Dec 2024 3.5% | Mar 2025 7.1% | Jun 2025 -0.6% | Sep 2025 9.3% | Dec 2025 13% | Mar 2026 9.3% | Jun 2026 19%
- ICICIBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 26% | Mar 2024 19% | Jun 2024 13% | Sep 2024 23% | Dec 2024 20% | Mar 2025 18% | Jun 2025 16% | Sep 2025 3.0% | Dec 2025 -2.6% | Mar 2026 9.2% | Jun 2026 13%
- KOTAKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 17% | Mar 2023 19% | Jun 2023 51% | Sep 2023 24% | Dec 2023 6.8% | Mar 2024 17% | Jun 2024 79% | Sep 2024 13% | Dec 2024 10% | Mar 2025 -7.6% | Jun 2025 -40% | Sep 2025 -11% | Dec 2025 4.7% | Mar 2026 9.9% | Jun 2026 23%
- AXISBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 66% | Dec 2022 57% | Mar 2023 -221% | Jun 2023 40% | Sep 2023 11% | Dec 2023 4.9% | Mar 2024 — | Jun 2024 5.8% | Sep 2024 19% | Dec 2024 4.0% | Mar 2025 -1.6% | Jun 2025 -2.9% | Sep 2025 -25% | Dec 2025 4.2% | Mar 2026 1.8% | Jun 2026 22%
- FEDERALBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 25% | Mar 2024 3.3% | Jun 2024 17% | Sep 2024 11% | Dec 2024 -11% | Mar 2025 12% | Jun 2025 -9.2% | Sep 2025 -8.3% | Dec 2025 18% | Mar 2026 24% | Jun 2026 37%
- INDUSINDBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 61% | Sep 2022 57% | Dec 2022 58% | Mar 2023 46% | Jun 2023 30% | Sep 2023 22% | Dec 2023 17% | Mar 2024 15% | Jun 2024 2.2% | Sep 2024 -40% | Dec 2024 -39% | Mar 2025 -199% | Jun 2025 -72% | Sep 2025 -133% | Dec 2025 -91% | Mar 2026 — | Jun 2026 72%
- YESBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -28% | Dec 2022 -79% | Mar 2023 -45% | Jun 2023 11% | Sep 2023 43% | Dec 2023 342% | Mar 2024 127% | Jun 2024 49% | Sep 2024 148% | Dec 2024 155% | Mar 2025 60% | Jun 2025 57% | Sep 2025 17% | Dec 2025 55% | Mar 2026 45% | Jun 2026 33%
- IDFCFIRSTB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 411% | Dec 2022 113% | Mar 2023 132% | Jun 2023 51% | Sep 2023 32% | Dec 2023 19% | Mar 2024 -10% | Jun 2024 -12% | Sep 2024 -72% | Dec 2024 -54% | Mar 2025 -60% | Jun 2025 -30% | Sep 2025 64% | Dec 2025 41% | Mar 2026 12% | Jun 2026 153%
- RBLBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,780% | Dec 2022 84% | Mar 2023 81% | Jun 2023 53% | Sep 2023 76% | Dec 2023 8.9% | Mar 2024 22% | Jun 2024 10% | Sep 2024 -30% | Dec 2024 -81% | Mar 2025 -76% | Jun 2025 -39% | Sep 2025 -17% | Dec 2025 385% | Mar 2026 180% | Jun 2026 9.4%
- KARURVYSYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 52% | Dec 2022 56% | Mar 2023 59% | Jun 2023 57% | Sep 2023 51% | Dec 2023 43% | Mar 2024 35% | Jun 2024 28% | Sep 2024 25% | Dec 2024 20% | Mar 2025 13% | Jun 2025 14% | Sep 2025 21% | Dec 2025 39% | Mar 2026 41% | Jun 2026 45%
- BANDHANBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -66% | Mar 2023 -58% | Jun 2023 -19% | Sep 2023 245% | Dec 2023 152% | Mar 2024 -93% | Jun 2024 47% | Sep 2024 30% | Dec 2024 -42% | Mar 2025 478% | Jun 2025 -65% | Sep 2025 -88% | Dec 2025 -52% | Mar 2026 68% | Jun 2026 35%
- CUB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 52% | Dec 2022 11% | Mar 2023 4.3% | Jun 2023 0.9% | Sep 2023 1.8% | Dec 2023 16% | Mar 2024 17% | Jun 2024 16% | Sep 2024 1.4% | Dec 2024 13% | Mar 2025 13% | Jun 2025 16% | Sep 2025 15% | Dec 2025 16% | Mar 2026 25% | Jun 2026 —
- J&KBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 61% | Sep 2022 124% | Dec 2022 82% | Mar 2023 297% | Jun 2023 106% | Sep 2023 60% | Dec 2023 38% | Mar 2024 34% | Jun 2024 26% | Sep 2024 44% | Dec 2024 25% | Mar 2025 -8.1% | Jun 2025 16% | Sep 2025 -10% | Dec 2025 9.8% | Mar 2026 37% | Jun 2026 —
- TMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 37% | Dec 2022 38% | Mar 2023 11% | Jun 2023 12% | Sep 2023 4.6% | Dec 2023 1.4% | Mar 2024 0.0% | Jun 2024 10.0% | Sep 2024 11% | Dec 2024 5.6% | Mar 2025 15% | Jun 2025 6.3% | Sep 2025 5.0% | Dec 2025 14% | Mar 2026 28% | Jun 2026 —
- SOUTHBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 23% | Jun 2023 77% | Sep 2023 23% | Dec 2023 196% | Mar 2024 -14% | Jun 2024 45% | Sep 2024 18% | Dec 2024 12% | Mar 2025 19% | Jun 2025 9.5% | Sep 2025 8.3% | Dec 2025 9.4% | Mar 2026 19% | Jun 2026 17%
- KTKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.6% | Sep 2022 230% | Dec 2022 106% | Mar 2023 172% | Jun 2023 225% | Sep 2023 -20% | Dec 2023 10.0% | Mar 2024 -23% | Jun 2024 7.8% | Sep 2024 1.8% | Dec 2024 -14% | Mar 2025 -7.7% | Jun 2025 -27% | Sep 2025 -5.1% | Dec 2025 2.5% | Mar 2026 61% | Jun 2026 —
- DCBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 185% | Sep 2022 72% | Dec 2022 52% | Mar 2023 26% | Jun 2023 31% | Sep 2023 13% | Dec 2023 11% | Mar 2024 9.9% | Jun 2024 3.2% | Sep 2024 22% | Dec 2024 19% | Mar 2025 13% | Jun 2025 20% | Sep 2025 19% | Dec 2025 23% | Mar 2026 16% | Jun 2026 36%
- DHANBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -86% | Mar 2024 -92% | Jun 2024 -129% | Sep 2024 13% | Dec 2024 567% | Mar 2025 867% | Jun 2025 — | Sep 2025 -12% | Dec 2025 20% | Mar 2026 48% | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: Axis Bank Ltd leads deposits at ₹13,71,173 crore; HDFC Bank Ltd leads borrowings at ₹5,88,485 crore.

Investor read: Axis Bank Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: Axis Bank Ltd · ₹13,71,173 crore | 141.9% versus #2 · Kotak Mahindra Bank Ltd | 8/8 recent comparable periods | 15/18 companies · 202 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases
1. Axis Bank Ltd (AXISBANK): ₹13.7 L Cr
2. Kotak Mahindra Bank Ltd (KOTAKBANK): ₹5.7 L Cr
3. IndusInd Bank Ltd (INDUSINDBK): ₹4.0 L Cr
4. Yes Bank Ltd (YESBANK): ₹3.2 L Cr
5. IDFC First Bank Ltd (IDFCFIRSTB): ₹2.9 L Cr

### Borrowings — largest borrowings
1. HDFC Bank Ltd (HDFCBANK): ₹5.9 L Cr
2. Axis Bank Ltd (AXISBANK): ₹2.9 L Cr
3. ICICI Bank Ltd (ICICIBANK): ₹2.2 L Cr
4. Kotak Mahindra Bank Ltd (KOTAKBANK): ₹1.1 L Cr
5. Yes Bank Ltd (YESBANK): ₹68.5K Cr

### 20-quarter Deposits history
- KOTAKBANK: Sep 2021 ₹2.9 L Cr | Dec 2021 — | Mar 2022 ₹3.1 L Cr | Jun 2022 — | Sep 2022 ₹3.2 L Cr | Dec 2022 — | Mar 2023 ₹3.6 L Cr | Jun 2023 — | Sep 2023 ₹4.0 L Cr | Dec 2023 — | Mar 2024 ₹4.5 L Cr | Jun 2024 — | Sep 2024 ₹4.6 L Cr | Dec 2024 — | Mar 2025 ₹4.9 L Cr | Jun 2025 — | Sep 2025 ₹5.2 L Cr | Dec 2025 — | Mar 2026 ₹5.7 L Cr | Jun 2026 —
- AXISBANK: Sep 2021 ₹7.4 L Cr | Dec 2021 ₹7.7 L Cr | Mar 2022 ₹8.2 L Cr | Jun 2022 ₹8.0 L Cr | Sep 2022 ₹8.1 L Cr | Dec 2022 ₹8.5 L Cr | Mar 2023 ₹9.5 L Cr | Jun 2023 ₹9.4 L Cr | Sep 2023 ₹9.5 L Cr | Dec 2023 ₹10.0 L Cr | Mar 2024 ₹10.7 L Cr | Jun 2024 ₹10.6 L Cr | Sep 2024 ₹10.8 L Cr | Dec 2024 ₹10.9 L Cr | Mar 2025 ₹11.7 L Cr | Jun 2025 ₹11.6 L Cr | Sep 2025 ₹12.0 L Cr | Dec 2025 ₹12.6 L Cr | Mar 2026 ₹13.3 L Cr | Jun 2026 ₹13.7 L Cr
- INDUSINDBK: Sep 2021 ₹2.8 L Cr | Dec 2021 — | Mar 2022 ₹2.9 L Cr | Jun 2022 — | Sep 2022 ₹3.2 L Cr | Dec 2022 — | Mar 2023 ₹3.4 L Cr | Jun 2023 — | Sep 2023 ₹3.6 L Cr | Dec 2023 — | Mar 2024 ₹3.8 L Cr | Jun 2024 — | Sep 2024 ₹4.1 L Cr | Dec 2024 — | Mar 2025 ₹4.1 L Cr | Jun 2025 — | Sep 2025 ₹3.9 L Cr | Dec 2025 — | Mar 2026 ₹4.0 L Cr | Jun 2026 —
- YESBANK: Sep 2021 ₹1.8 L Cr | Dec 2021 ₹1.8 L Cr | Mar 2022 ₹2.0 L Cr | Jun 2022 — | Sep 2022 ₹2.0 L Cr | Dec 2022 ₹2.1 L Cr | Mar 2023 ₹2.2 L Cr | Jun 2023 ₹2.2 L Cr | Sep 2023 ₹2.3 L Cr | Dec 2023 ₹2.4 L Cr | Mar 2024 ₹2.7 L Cr | Jun 2024 ₹2.6 L Cr | Sep 2024 ₹2.8 L Cr | Dec 2024 ₹2.8 L Cr | Mar 2025 ₹2.8 L Cr | Jun 2025 ₹2.8 L Cr | Sep 2025 ₹3.0 L Cr | Dec 2025 ₹2.9 L Cr | Mar 2026 ₹3.2 L Cr | Jun 2026 ₹3.2 L Cr
- IDFCFIRSTB: Sep 2021 ₹90.2K Cr | Dec 2021 — | Mar 2022 ₹1.1 L Cr | Jun 2022 — | Sep 2022 ₹1.2 L Cr | Dec 2022 — | Mar 2023 ₹1.4 L Cr | Jun 2023 — | Sep 2023 ₹1.7 L Cr | Dec 2023 — | Mar 2024 ₹2.0 L Cr | Jun 2024 ₹2.1 L Cr | Sep 2024 ₹2.2 L Cr | Dec 2024 ₹2.4 L Cr | Mar 2025 ₹2.5 L Cr | Jun 2025 ₹2.6 L Cr | Sep 2025 ₹2.8 L Cr | Dec 2025 ₹2.9 L Cr | Mar 2026 ₹2.9 L Cr | Jun 2026 —
- RBLBANK: Sep 2021 ₹75.6K Cr | Dec 2021 — | Mar 2022 ₹79.0K Cr | Jun 2022 — | Sep 2022 ₹79.4K Cr | Dec 2022 — | Mar 2023 ₹84.9K Cr | Jun 2023 — | Sep 2023 ₹89.7K Cr | Dec 2023 — | Mar 2024 ₹1.0 L Cr | Jun 2024 — | Sep 2024 ₹1.1 L Cr | Dec 2024 — | Mar 2025 ₹1.1 L Cr | Jun 2025 — | Sep 2025 ₹1.2 L Cr | Dec 2025 — | Mar 2026 ₹1.4 L Cr | Jun 2026 —
- KARURVYSYA: Sep 2021 ₹65.4K Cr | Dec 2021 — | Mar 2022 ₹68.5K Cr | Jun 2022 — | Sep 2022 ₹73.6K Cr | Dec 2022 — | Mar 2023 ₹76.6K Cr | Jun 2023 — | Sep 2023 ₹83.1K Cr | Dec 2023 — | Mar 2024 ₹89.1K Cr | Jun 2024 — | Sep 2024 ₹95.8K Cr | Dec 2024 — | Mar 2025 ₹1.0 L Cr | Jun 2025 — | Sep 2025 ₹1.1 L Cr | Dec 2025 — | Mar 2026 ₹1.2 L Cr | Jun 2026 —
- BANDHANBNK: Sep 2021 ₹81.9K Cr | Dec 2021 ₹84.5K Cr | Mar 2022 ₹96.3K Cr | Jun 2022 ₹93.1K Cr | Sep 2022 ₹99.4K Cr | Dec 2022 ₹1.0 L Cr | Mar 2023 ₹1.1 L Cr | Jun 2023 — | Sep 2023 ₹1.1 L Cr | Dec 2023 — | Mar 2024 ₹1.4 L Cr | Jun 2024 — | Sep 2024 ₹1.4 L Cr | Dec 2024 — | Mar 2025 ₹1.5 L Cr | Jun 2025 — | Sep 2025 ₹1.6 L Cr | Dec 2025 — | Mar 2026 ₹1.7 L Cr | Jun 2026 —
- CUB: Sep 2021 ₹46.3K Cr | Dec 2021 — | Mar 2022 ₹47.7K Cr | Jun 2022 — | Sep 2022 ₹49.9K Cr | Dec 2022 — | Mar 2023 ₹52.4K Cr | Jun 2023 — | Sep 2023 ₹52.7K Cr | Dec 2023 — | Mar 2024 ₹55.7K Cr | Jun 2024 — | Sep 2024 ₹57.4K Cr | Dec 2024 — | Mar 2025 ₹63.5K Cr | Jun 2025 — | Sep 2025 ₹69.5K Cr | Dec 2025 — | Mar 2026 ₹78.3K Cr | Jun 2026 —
- J&KBANK: Sep 2021 ₹1.1 L Cr | Dec 2021 ₹1.1 L Cr | Mar 2022 ₹1.1 L Cr | Jun 2022 ₹1.1 L Cr | Sep 2022 ₹1.2 L Cr | Dec 2022 ₹1.2 L Cr | Mar 2023 ₹1.2 L Cr | Jun 2023 ₹1.2 L Cr | Sep 2023 ₹1.3 L Cr | Dec 2023 ₹1.3 L Cr | Mar 2024 ₹1.3 L Cr | Jun 2024 ₹1.3 L Cr | Sep 2024 ₹1.4 L Cr | Dec 2024 ₹1.4 L Cr | Mar 2025 ₹1.5 L Cr | Jun 2025 ₹1.5 L Cr | Sep 2025 ₹1.5 L Cr | Dec 2025 ₹1.6 L Cr | Mar 2026 ₹1.7 L Cr | Jun 2026 —
- TMB: Sep 2021 — | Dec 2021 — | Mar 2022 ₹44.9K Cr | Jun 2022 — | Sep 2022 ₹43.1K Cr | Dec 2022 ₹43.4K Cr | Mar 2023 ₹47.8K Cr | Jun 2023 ₹47.0K Cr | Sep 2023 ₹47.3K Cr | Dec 2023 ₹46.8K Cr | Mar 2024 ₹49.5K Cr | Jun 2024 ₹49.2K Cr | Sep 2024 ₹49.3K Cr | Dec 2024 — | Mar 2025 ₹53.7K Cr | Jun 2025 ₹53.8K Cr | Sep 2025 ₹55.4K Cr | Dec 2025 ₹56.7K Cr | Mar 2026 ₹61.7K Cr | Jun 2026 —
- SOUTHBANK: Sep 2021 ₹86.8K Cr | Dec 2021 — | Mar 2022 ₹89.1K Cr | Jun 2022 — | Sep 2022 ₹88.5K Cr | Dec 2022 ₹90.7K Cr | Mar 2023 ₹91.7K Cr | Jun 2023 ₹95.5K Cr | Sep 2023 ₹97.1K Cr | Dec 2023 ₹99.2K Cr | Mar 2024 ₹1.0 L Cr | Jun 2024 ₹1.0 L Cr | Sep 2024 ₹1.1 L Cr | Dec 2024 — | Mar 2025 ₹1.1 L Cr | Jun 2025 ₹1.1 L Cr | Sep 2025 ₹1.2 L Cr | Dec 2025 ₹1.2 L Cr | Mar 2026 ₹1.2 L Cr | Jun 2026 ₹1.3 L Cr
- KTKBANK: Sep 2021 ₹76.9K Cr | Dec 2021 — | Mar 2022 ₹80.4K Cr | Jun 2022 — | Sep 2022 ₹81.6K Cr | Dec 2022 — | Mar 2023 ₹87.4K Cr | Jun 2023 — | Sep 2023 ₹89.5K Cr | Dec 2023 ₹92.2K Cr | Mar 2024 ₹98.0K Cr | Jun 2024 — | Sep 2024 ₹100.0K Cr | Dec 2024 — | Mar 2025 ₹1.0 L Cr | Jun 2025 — | Sep 2025 ₹1.0 L Cr | Dec 2025 — | Mar 2026 ₹1.1 L Cr | Jun 2026 —
- DCBBANK: Sep 2021 ₹31.8K Cr | Dec 2021 — | Mar 2022 ₹34.7K Cr | Jun 2022 — | Sep 2022 ₹37.0K Cr | Dec 2022 — | Mar 2023 ₹41.2K Cr | Jun 2023 — | Sep 2023 ₹45.5K Cr | Dec 2023 — | Mar 2024 ₹49.4K Cr | Jun 2024 — | Sep 2024 ₹54.5K Cr | Dec 2024 — | Mar 2025 ₹60.0K Cr | Jun 2025 — | Sep 2025 ₹64.8K Cr | Dec 2025 — | Mar 2026 ₹72.6K Cr | Jun 2026 —
- DHANBANK: Sep 2021 ₹11.9K Cr | Dec 2021 — | Mar 2022 ₹12.4K Cr | Jun 2022 — | Sep 2022 ₹12.7K Cr | Dec 2022 — | Mar 2023 ₹13.4K Cr | Jun 2023 — | Sep 2023 ₹13.8K Cr | Dec 2023 ₹14.3K Cr | Mar 2024 ₹14.3K Cr | Jun 2024 — | Sep 2024 ₹14.6K Cr | Dec 2024 ₹15.1K Cr | Mar 2025 ₹16.0K Cr | Jun 2025 ₹16.6K Cr | Sep 2025 ₹17.1K Cr | Dec 2025 ₹17.8K Cr | Mar 2026 ₹18.6K Cr | Jun 2026 —

### 20-quarter Borrowings history
- HDFCBANK: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.3 L Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.6 L Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7.3 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹6.3 L Cr | Jun 2025 — | Sep 2025 ₹6.0 L Cr | Dec 2025 — | Mar 2026 ₹5.9 L Cr | Jun 2026 —
- ICICIBANK: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.6 L Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.9 L Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2.1 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.2 L Cr | Jun 2025 — | Sep 2025 ₹2.2 L Cr | Dec 2025 — | Mar 2026 ₹2.2 L Cr | Jun 2026 —
- KOTAKBANK: Sep 2021 ₹57.4K Cr | Dec 2021 ₹57.4K Cr | Mar 2022 ₹55.6K Cr | Jun 2022 ₹55.1K Cr | Sep 2022 ₹47.1K Cr | Dec 2022 ₹47.1K Cr | Mar 2023 ₹57.5K Cr | Jun 2023 ₹57.0K Cr | Sep 2023 ₹61.5K Cr | Dec 2023 ₹61.5K Cr | Mar 2024 ₹75.1K Cr | Jun 2024 ₹78.0K Cr | Sep 2024 ₹77.1K Cr | Dec 2024 ₹77.1K Cr | Mar 2025 ₹97.6K Cr | Jun 2025 ₹1.0 L Cr | Sep 2025 ₹82.7K Cr | Dec 2025 ₹82.7K Cr | Mar 2026 ₹95.4K Cr | Jun 2026 ₹1.1 L Cr
- AXISBANK: Sep 2021 ₹1.7 L Cr | Dec 2021 ₹1.9 L Cr | Mar 2022 ₹2.0 L Cr | Jun 2022 ₹1.9 L Cr | Sep 2022 ₹2.0 L Cr | Dec 2022 ₹2.0 L Cr | Mar 2023 ₹2.1 L Cr | Jun 2023 ₹1.9 L Cr | Sep 2023 ₹2.1 L Cr | Dec 2023 ₹2.2 L Cr | Mar 2024 ₹2.3 L Cr | Jun 2024 ₹2.2 L Cr | Sep 2024 ₹2.3 L Cr | Dec 2024 ₹2.3 L Cr | Mar 2025 ₹2.2 L Cr | Jun 2025 ₹2.2 L Cr | Sep 2025 ₹2.4 L Cr | Dec 2025 ₹2.6 L Cr | Mar 2026 ₹2.8 L Cr | Jun 2026 ₹2.9 L Cr
- FEDERALBNK: Sep 2021 — | Dec 2021 — | Mar 2022 ₹19.6K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹25.9K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹25.2K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹32.6K Cr | Jun 2025 — | Sep 2025 ₹26.9K Cr | Dec 2025 — | Mar 2026 ₹33.2K Cr | Jun 2026 —
- INDUSINDBK: Sep 2021 ₹46.3K Cr | Dec 2021 ₹46.3K Cr | Mar 2022 ₹47.3K Cr | Jun 2022 ₹47.3K Cr | Sep 2022 ₹40.7K Cr | Dec 2022 ₹40.7K Cr | Mar 2023 ₹49.0K Cr | Jun 2023 ₹49.0K Cr | Sep 2023 ₹40.5K Cr | Dec 2023 ₹40.5K Cr | Mar 2024 ₹47.6K Cr | Jun 2024 ₹47.6K Cr | Sep 2024 ₹44.7K Cr | Dec 2024 ₹44.7K Cr | Mar 2025 ₹53.7K Cr | Jun 2025 ₹53.7K Cr | Sep 2025 ₹45.4K Cr | Dec 2025 ₹45.4K Cr | Mar 2026 ₹42.8K Cr | Jun 2026 —
- YESBANK: Sep 2021 ₹63.9K Cr | Dec 2021 ₹72.0K Cr | Mar 2022 ₹72.3K Cr | Jun 2022 ₹72.3K Cr | Sep 2022 ₹76.9K Cr | Dec 2022 ₹69.3K Cr | Mar 2023 ₹77.8K Cr | Jun 2023 ₹75.2K Cr | Sep 2023 ₹71.2K Cr | Dec 2023 ₹79.9K Cr | Mar 2024 ₹80.5K Cr | Jun 2024 ₹80.6K Cr | Sep 2024 ₹79.0K Cr | Dec 2024 ₹70.5K Cr | Mar 2025 ₹72.0K Cr | Jun 2025 ₹67.2K Cr | Sep 2025 ₹62.7K Cr | Dec 2025 ₹63.8K Cr | Mar 2026 ₹65.5K Cr | Jun 2026 ₹68.5K Cr
- IDFCFIRSTB: Sep 2021 ₹52.6K Cr | Dec 2021 ₹52.6K Cr | Mar 2022 ₹53.0K Cr | Jun 2022 ₹53.0K Cr | Sep 2022 ₹56.6K Cr | Dec 2022 ₹56.6K Cr | Mar 2023 ₹57.2K Cr | Jun 2023 ₹57.2K Cr | Sep 2023 ₹53.2K Cr | Dec 2023 ₹53.2K Cr | Mar 2024 ₹50.9K Cr | Jun 2024 ₹51.9K Cr | Sep 2024 ₹46.4K Cr | Dec 2024 ₹46.4K Cr | Mar 2025 ₹39.0K Cr | Jun 2025 ₹42.8K Cr | Sep 2025 ₹40.8K Cr | Dec 2025 ₹38.0K Cr | Mar 2026 ₹36.6K Cr | Jun 2026 —
- RBLBANK: Sep 2021 ₹12.9K Cr | Dec 2021 ₹12.9K Cr | Mar 2022 ₹11.1K Cr | Jun 2022 ₹11.1K Cr | Sep 2022 ₹10.8K Cr | Dec 2022 ₹10.8K Cr | Mar 2023 ₹13.3K Cr | Jun 2023 ₹13.3K Cr | Sep 2023 ₹15.3K Cr | Dec 2023 ₹15.3K Cr | Mar 2024 ₹14.2K Cr | Jun 2024 ₹14.2K Cr | Sep 2024 ₹14.7K Cr | Dec 2024 ₹14.7K Cr | Mar 2025 ₹13.7K Cr | Jun 2025 ₹13.7K Cr | Sep 2025 ₹15.2K Cr | Dec 2025 ₹15.2K Cr | Mar 2026 ₹16.8K Cr | Jun 2026 ₹16.8K Cr
- KARURVYSYA: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 — | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.6K Cr
- BANDHANBNK: Sep 2021 ₹13.9K Cr | Dec 2021 ₹16.4K Cr | Mar 2022 ₹19.9K Cr | Jun 2022 ₹24.5K Cr | Sep 2022 ₹18.2K Cr | Dec 2022 ₹18.4K Cr | Mar 2023 ₹24.7K Cr | Jun 2023 ₹24.7K Cr | Sep 2023 ₹16.2K Cr | Dec 2023 ₹16.2K Cr | Mar 2024 ₹16.4K Cr | Jun 2024 ₹16.4K Cr | Sep 2024 ₹8.3K Cr | Dec 2024 ₹8.3K Cr | Mar 2025 ₹11.1K Cr | Jun 2025 ₹11.1K Cr | Sep 2025 ₹8.1K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹14.3K Cr | Jun 2026 ₹14.3K Cr
- CUB: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 — | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹5.3K Cr | Jun 2026 —
- J&KBANK: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 —
- TMB: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹279 Cr | Dec 2022 — | Mar 2023 ₹525 Cr | Jun 2023 ₹205 Cr | Sep 2023 ₹650 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹500 Cr | Jun 2025 ₹535 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹700 Cr | Jun 2026 —
- SOUTHBANK: Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹8.5K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹7.0K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹6.2K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 ₹3.6K Cr
- KTKBANK: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹5.9K Cr | Dec 2022 — | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹5.5K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹5.3K Cr | Jun 2026 —
- DCBBANK: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹5.2K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹6.2K Cr | Jun 2024 ₹6.2K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹9.1K Cr | Jun 2025 ₹9.1K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹5.9K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 —
- DHANBANK: Sep 2021 ₹150 Cr | Dec 2021 ₹150 Cr | Mar 2022 ₹150 Cr | Jun 2022 ₹150 Cr | Sep 2022 ₹580 Cr | Dec 2022 ₹580 Cr | Mar 2023 ₹492 Cr | Jun 2023 ₹492 Cr | Sep 2023 ₹165 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹299 Cr | Jun 2024 — | Sep 2024 ₹150 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹420 Cr | Sep 2025 ₹453 Cr | Dec 2025 ₹501 Cr | Mar 2026 ₹737 Cr | Jun 2026 —

## Return On Assets

What the numbers say: ICICI Bank Ltd leads roa at 2.1%; Yes Bank Ltd leads roa change at +0.3 percentage points.

Investor read: ICICI Bank Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: ICICI Bank Ltd · 2.1% | 5.5% versus #2 · Tamilnad Mercantile Bank Ltd | Not enough history | 17/18 companies · 186 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. ICICI Bank Ltd (ICICIBANK): 2.1%
2. Tamilnad Mercantile Bank Ltd (TMB): 2.0%
3. Kotak Mahindra Bank Ltd (KOTAKBANK): 1.9%
4. Karur Vysya Bank Ltd (KARURVYSYA): 1.8%
5. HDFC Bank Ltd (HDFCBANK): 1.8%

### ROA change — fastest improvers
1. Yes Bank Ltd (YESBANK): +0.3 pp
2. Karur Vysya Bank Ltd (KARURVYSYA): +0.2 pp
3. South Indian Bank Ltd (SOUTHBANK): +0.2 pp
4. Tamilnad Mercantile Bank Ltd (TMB): +0.2 pp
5. IDFC First Bank Ltd (IDFCFIRSTB): +0.1 pp

### 20-quarter ROA history
- KOTAKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.4% | Dec 2022 — | Mar 2023 2.4% | Jun 2023 — | Sep 2023 2.5% | Dec 2023 — | Mar 2024 2.4% | Jun 2024 — | Sep 2024 2.7% | Dec 2024 — | Mar 2025 2.5% | Jun 2025 — | Sep 2025 2.0% | Dec 2025 — | Mar 2026 1.9% | Jun 2026 —
- AXISBANK: Sep 2021 — | Dec 2021 1.3% | Mar 2022 1.5% | Jun 2022 1.5% | Sep 2022 1.5% | Dec 2022 1.9% | Mar 2023 2.0% | Jun 2023 -1.6% | Sep 2023 1.8% | Dec 2023 1.8% | Mar 2024 1.9% | Jun 2024 2.1% | Sep 2024 1.7% | Dec 2024 1.9% | Mar 2025 1.7% | Jun 2025 1.9% | Sep 2025 1.5% | Dec 2025 1.3% | Mar 2026 1.6% | Jun 2026 1.6%
- INDUSINDBK: Sep 2021 — | Dec 2021 — | Mar 2022 1.2% | Jun 2022 — | Sep 2022 1.4% | Dec 2022 — | Mar 2023 1.6% | Jun 2023 — | Sep 2023 1.7% | Dec 2023 — | Mar 2024 1.7% | Jun 2024 — | Sep 2024 1.5% | Dec 2024 — | Mar 2025 0.5% | Jun 2025 — | Sep 2025 -0.1% | Dec 2025 — | Mar 2026 0.2% | Jun 2026 —
- YESBANK: Sep 2021 — | Dec 2021 — | Mar 2022 0.4% | Jun 2022 0.5% | Sep 2022 0.3% | Dec 2022 0.3% | Mar 2023 0.1% | Jun 2023 0.2% | Sep 2023 0.4% | Dec 2023 0.3% | Mar 2024 0.3% | Jun 2024 0.5% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.6% | Jun 2025 0.7% | Sep 2025 0.8% | Dec 2025 0.6% | Mar 2026 0.9% | Jun 2026 1.0%
- IDFCFIRSTB: Sep 2021 — | Dec 2021 — | Mar 2022 0.1% | Jun 2022 — | Sep 2022 0.8% | Dec 2022 — | Mar 2023 1.0% | Jun 2023 — | Sep 2023 1.1% | Dec 2023 — | Mar 2024 1.0% | Jun 2024 0.9% | Sep 2024 0.9% | Dec 2024 0.3% | Mar 2025 0.4% | Jun 2025 0.3% | Sep 2025 0.5% | Dec 2025 0.4% | Mar 2026 0.5% | Jun 2026 —
- RBLBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.6% | Dec 2022 — | Mar 2023 0.8% | Jun 2023 — | Sep 2023 0.9% | Dec 2023 — | Mar 2024 0.9% | Jun 2024 — | Sep 2024 0.8% | Dec 2024 — | Mar 2025 0.5% | Jun 2025 — | Sep 2025 0.4% | Dec 2025 — | Mar 2026 0.5% | Jun 2026 —
- KARURVYSYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.0% | Dec 2022 — | Mar 2023 1.2% | Jun 2023 — | Sep 2023 1.4% | Dec 2023 — | Mar 2024 1.5% | Jun 2024 — | Sep 2024 1.6% | Dec 2024 — | Mar 2025 1.6% | Jun 2025 — | Sep 2025 1.6% | Dec 2025 — | Mar 2026 1.8% | Jun 2026 —
- BANDHANBNK: Sep 2021 — | Dec 2021 — | Mar 2022 2.9% | Jun 2022 5.8% | Sep 2022 2.5% | Dec 2022 0.6% | Mar 2023 0.8% | Jun 2023 2.2% | Sep 2023 1.7% | Dec 2023 — | Mar 2024 1.3% | Jun 2024 — | Sep 2024 1.6% | Dec 2024 — | Mar 2025 1.4% | Jun 2025 — | Sep 2025 0.6% | Dec 2025 — | Mar 2026 0.6% | Jun 2026 —
- CUB: Sep 2021 — | Dec 2021 — | Mar 2022 1.2% | Jun 2022 — | Sep 2022 1.4% | Dec 2022 — | Mar 2023 1.4% | Jun 2023 — | Sep 2023 1.4% | Dec 2023 — | Mar 2024 1.4% | Jun 2024 — | Sep 2024 1.5% | Dec 2024 — | Mar 2025 1.4% | Jun 2025 — | Sep 2025 1.4% | Dec 2025 — | Mar 2026 1.4% | Jun 2026 —
- J&KBANK: Sep 2021 0.3% | Dec 2021 0.4% | Mar 2022 0.6% | Jun 2022 0.4% | Sep 2022 0.5% | Dec 2022 0.7% | Mar 2023 0.9% | Jun 2023 1.4% | Sep 2023 0.9% | Dec 2023 1.1% | Mar 2024 1.1% | Jun 2024 1.7% | Sep 2024 1.1% | Dec 2024 1.4% | Mar 2025 1.3% | Jun 2025 1.4% | Sep 2025 1.1% | Dec 2025 1.1% | Mar 2026 1.3% | Jun 2026 —
- TMB: Sep 2021 — | Dec 2021 — | Mar 2022 1.5% | Jun 2022 — | Sep 2022 1.7% | Dec 2022 1.9% | Mar 2023 2.1% | Jun 2023 1.8% | Sep 2023 1.8% | Dec 2023 1.9% | Mar 2024 1.9% | Jun 2024 1.7% | Sep 2024 1.8% | Dec 2024 1.9% | Mar 2025 1.8% | Jun 2025 1.8% | Sep 2025 1.8% | Dec 2025 1.9% | Mar 2026 2.0% | Jun 2026 —
- SOUTHBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.5% | Dec 2022 0.7% | Mar 2023 0.4% | Jun 2023 1.3% | Sep 2023 0.7% | Dec 2023 1.0% | Mar 2024 1.1% | Jun 2024 1.0% | Sep 2024 1.0% | Dec 2024 1.1% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 1.0% | Dec 2025 1.1% | Mar 2026 1.1% | Jun 2026 1.2%
- KTKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 0.6% | Jun 2022 — | Sep 2022 0.8% | Dec 2022 — | Mar 2023 1.2% | Jun 2023 — | Sep 2023 1.3% | Dec 2023 1.3% | Mar 2024 1.2% | Jun 2024 1.0% | Sep 2024 1.2% | Dec 2024 — | Mar 2025 1.1% | Jun 2025 — | Sep 2025 1.0% | Dec 2025 — | Mar 2026 1.0% | Jun 2026 —
- DCBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 0.6% | Jun 2022 — | Sep 2022 0.8% | Dec 2022 — | Mar 2023 0.9% | Jun 2023 — | Sep 2023 0.9% | Dec 2023 — | Mar 2024 0.9% | Jun 2024 — | Sep 2024 0.8% | Dec 2024 — | Mar 2025 0.8% | Jun 2025 — | Sep 2025 0.8% | Dec 2025 — | Mar 2026 0.8% | Jun 2026 —
- DHANBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.7% | Dec 2023 0.6% | Mar 2024 0.1% | Jun 2024 0.1% | Sep 2024 0.1% | Dec 2024 0.2% | Mar 2025 0.5% | Jun 2025 0.7% | Sep 2025 0.3% | Dec 2025 0.5% | Mar 2026 0.5% | Jun 2026 —

### 20-quarter ROA change history
- KOTAKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 — | Mar 2025 +0.1 pp | Jun 2025 — | Sep 2025 −0.7 pp | Dec 2025 — | Mar 2026 −0.6 pp | Jun 2026 —
- AXISBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.6 pp | Mar 2023 +0.5 pp | Jun 2023 −3.1 pp | Sep 2023 +0.3 pp | Dec 2023 −0.1 pp | Mar 2024 −0.1 pp | Jun 2024 +3.7 pp | Sep 2024 −0.1 pp | Dec 2024 +0.1 pp | Mar 2025 −0.2 pp | Jun 2025 −0.2 pp | Sep 2025 −0.2 pp | Dec 2025 −0.6 pp | Mar 2026 −0.1 pp | Jun 2026 −0.3 pp
- INDUSINDBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.4 pp | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 — | Mar 2024 +0.1 pp | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 — | Mar 2025 −1.2 pp | Jun 2025 — | Sep 2025 −1.6 pp | Dec 2025 — | Mar 2026 −0.3 pp | Jun 2026 —
- YESBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.3 pp | Jun 2023 −0.3 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.2 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 +0.3 pp | Jun 2025 +0.2 pp | Sep 2025 +0.3 pp | Dec 2025 +0.1 pp | Mar 2026 +0.3 pp | Jun 2026 +0.3 pp
- IDFCFIRSTB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.9 pp | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 — | Mar 2025 −0.6 pp | Jun 2025 −0.6 pp | Sep 2025 −0.4 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- RBLBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 — | Mar 2024 +0.1 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 — | Mar 2025 −0.4 pp | Jun 2025 — | Sep 2025 −0.4 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- KARURVYSYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.4 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 — | Mar 2025 +0.1 pp | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 +0.2 pp | Jun 2026 —
- BANDHANBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −2.1 pp | Jun 2023 −3.6 pp | Sep 2023 −0.8 pp | Dec 2023 — | Mar 2024 +0.5 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 — | Mar 2025 +0.1 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 −0.8 pp | Jun 2026 —
- CUB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 — | Mar 2025 0.0 pp | Jun 2025 — | Sep 2025 −0.1 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- J&KBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 +0.3 pp | Jun 2023 +1.0 pp | Sep 2023 +0.4 pp | Dec 2023 +0.4 pp | Mar 2024 +0.2 pp | Jun 2024 +0.3 pp | Sep 2024 +0.2 pp | Dec 2024 +0.3 pp | Mar 2025 +0.2 pp | Jun 2025 −0.3 pp | Sep 2025 0.0 pp | Dec 2025 −0.3 pp | Mar 2026 0.0 pp | Jun 2026 —
- TMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.6 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 −0.2 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −0.1 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.2 pp | Jun 2026 —
- SOUTHBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.2 pp | Dec 2023 +0.3 pp | Mar 2024 +0.7 pp | Jun 2024 −0.3 pp | Sep 2024 +0.3 pp | Dec 2024 +0.1 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 +0.2 pp
- KTKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.6 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 — | Mar 2025 −0.1 pp | Jun 2025 — | Sep 2025 −0.2 pp | Dec 2025 — | Mar 2026 −0.1 pp | Jun 2026 —
- DCBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.3 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 — | Mar 2025 −0.1 pp | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- DHANBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −0.6 pp | Dec 2024 −0.4 pp | Mar 2025 +0.4 pp | Jun 2025 +0.6 pp | Sep 2025 +0.2 pp | Dec 2025 +0.3 pp | Mar 2026 0.0 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Karur Vysya Bank Ltd leads roe at 19.1%; RBL Bank Ltd leads roe change at +3.8 percentage points.

Investor read: Karur Vysya Bank Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Karur Vysya Bank Ltd · 19.1% | 20.1% versus #2 · ICICI Bank Ltd | 6/8 recent comparable periods | 18/18 companies · 283 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Karur Vysya Bank Ltd (KARURVYSYA): 19%
2. ICICI Bank Ltd (ICICIBANK): 16%
3. Jammu and Kashmir Bank Ltd (J&KBANK): 15%
4. Tamilnad Mercantile Bank Ltd (TMB): 14%
5. HDFC Bank Ltd (HDFCBANK): 14%

### ROE change — fastest improvers
1. RBL Bank Ltd (RBLBANK): +3.8 pp
2. Karur Vysya Bank Ltd (KARURVYSYA): +3.6 pp
3. Bandhan Bank Ltd (BANDHANBNK): +3.2 pp
4. Yes Bank Ltd (YESBANK): +2.2 pp
5. DCB Bank Ltd (DCBBANK): +1.1 pp

### 20-quarter ROE history
- KOTAKBANK: Sep 2021 — | Dec 2021 14% | Mar 2022 15% | Jun 2022 17% | Sep 2022 11% | Dec 2022 14% | Mar 2023 15% | Jun 2023 17% | Sep 2023 15% | Dec 2023 15% | Mar 2024 14% | Jun 2024 17% | Sep 2024 23% | Dec 2024 15% | Mar 2025 13% | Jun 2025 13% | Sep 2025 11% | Dec 2025 11% | Mar 2026 12% | Jun 2026 12%
- AXISBANK: Sep 2021 — | Dec 2021 13% | Mar 2022 14% | Jun 2022 15% | Sep 2022 15% | Dec 2022 18% | Mar 2023 19% | Jun 2023 -16% | Sep 2023 18% | Dec 2023 18% | Mar 2024 18% | Jun 2024 20% | Sep 2024 16% | Dec 2024 18% | Mar 2025 15% | Jun 2025 16% | Sep 2025 13% | Dec 2025 11% | Mar 2026 14% | Jun 2026 14%
- INDUSINDBK: Sep 2021 9.3% | Dec 2021 10% | Mar 2022 11% | Jun 2022 12% | Sep 2022 14% | Dec 2022 15% | Mar 2023 15% | Jun 2023 15% | Sep 2023 15% | Dec 2023 16% | Mar 2024 16% | Jun 2024 16% | Sep 2024 14% | Dec 2024 8.3% | Mar 2025 8.5% | Jun 2025 -14% | Sep 2025 3.7% | Dec 2025 -2.7% | Mar 2026 0.8% | Jun 2026 —
- YESBANK: Sep 2021 — | Dec 2021 2.7% | Mar 2022 3.2% | Jun 2022 4.4% | Sep 2022 3.7% | Dec 2022 1.9% | Mar 2023 0.6% | Jun 2023 2.0% | Sep 2023 3.4% | Dec 2023 2.2% | Mar 2024 2.3% | Jun 2024 4.5% | Sep 2024 4.7% | Dec 2024 4.9% | Mar 2025 5.3% | Jun 2025 6.3% | Sep 2025 6.7% | Dec 2025 5.4% | Mar 2026 7.7% | Jun 2026 8.5%
- IDFCFIRSTB: Sep 2021 -14% | Dec 2021 2.3% | Mar 2022 5.7% | Jun 2022 6.8% | Sep 2022 9.2% | Dec 2022 11% | Mar 2023 11% | Jun 2023 14% | Sep 2023 11% | Dec 2023 11% | Mar 2024 11% | Jun 2024 9.8% | Sep 2024 7.8% | Dec 2024 2.4% | Mar 2025 3.6% | Jun 2025 3.1% | Sep 2025 4.7% | Dec 2025 3.3% | Mar 2026 4.1% | Jun 2026 —
- RBLBANK: Sep 2021 — | Dec 2021 0.3% | Mar 2022 4.0% | Jun 2022 5.3% | Sep 2022 6.7% | Dec 2022 5.9% | Mar 2023 6.9% | Jun 2023 9.0% | Sep 2023 9.4% | Dec 2023 9.6% | Mar 2024 6.9% | Jun 2024 10% | Sep 2024 9.5% | Dec 2024 6.1% | Mar 2025 1.2% | Jun 2025 2.2% | Sep 2025 5.5% | Dec 2025 4.8% | Mar 2026 5.7% | Jun 2026 6.0%
- KARURVYSYA: Sep 2021 — | Dec 2021 9.4% | Mar 2022 10% | Jun 2022 12% | Sep 2022 12% | Dec 2022 13% | Mar 2023 15% | Jun 2023 16% | Sep 2023 17% | Dec 2023 17% | Mar 2024 18% | Jun 2024 19% | Sep 2024 17% | Dec 2024 18% | Mar 2025 18% | Jun 2025 18% | Sep 2025 18% | Dec 2025 19% | Mar 2026 22% | Jun 2026 22%
- BANDHANBNK: Sep 2021 — | Dec 2021 -75% | Mar 2022 23% | Jun 2022 46% | Sep 2022 20% | Dec 2022 4.6% | Mar 2023 6.2% | Jun 2023 17% | Sep 2023 15% | Dec 2023 14% | Mar 2024 14% | Jun 2024 1.0% | Sep 2024 20% | Dec 2024 17% | Mar 2025 7.2% | Jun 2025 5.3% | Sep 2025 6.0% | Dec 2025 1.8% | Mar 2026 3.3% | Jun 2026 8.5%
- CUB: Sep 2021 12% | Dec 2021 12% | Mar 2022 13% | Jun 2022 13% | Sep 2022 14% | Dec 2022 16% | Mar 2023 12% | Jun 2023 12% | Sep 2023 12% | Dec 2023 15% | Mar 2024 12% | Jun 2024 13% | Sep 2024 13% | Dec 2024 13% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- J&KBANK: Sep 2021 5.8% | Dec 2021 5.9% | Mar 2022 8.7% | Jun 2022 6.0% | Sep 2022 7.9% | Dec 2022 12% | Mar 2023 14% | Jun 2023 20% | Sep 2023 13% | Dec 2023 15% | Mar 2024 15% | Jun 2024 21% | Sep 2024 14% | Dec 2024 17% | Mar 2025 16% | Jun 2025 17% | Sep 2025 14% | Dec 2025 13% | Mar 2026 15% | Jun 2026 —
- TMB: Sep 2021 17% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 14% | Dec 2022 15% | Mar 2023 17% | Jun 2023 15% | Sep 2023 15% | Dec 2023 15% | Mar 2024 15% | Jun 2024 13% | Sep 2024 14% | Dec 2024 15% | Mar 2025 14% | Jun 2025 13% | Sep 2025 13% | Dec 2025 14% | Mar 2026 14% | Jun 2026 —
- SOUTHBANK: Sep 2021 — | Dec 2021 -13% | Mar 2022 -3.6% | Jun 2022 19% | Sep 2022 7.9% | Dec 2022 15% | Mar 2023 6.5% | Jun 2023 21% | Sep 2023 12% | Dec 2023 16% | Mar 2024 17% | Jun 2024 14% | Sep 2024 13% | Dec 2024 14% | Mar 2025 15% | Jun 2025 14% | Sep 2025 13% | Dec 2025 13% | Mar 2026 14% | Jun 2026 15%
- KTKBANK: Sep 2021 6.4% | Dec 2021 7.5% | Mar 2022 8.6% | Jun 2022 7.5% | Sep 2022 6.4% | Dec 2022 23% | Mar 2023 14% | Jun 2023 18% | Sep 2023 18% | Dec 2023 16% | Mar 2024 14% | Jun 2024 11% | Sep 2024 15% | Dec 2024 12% | Mar 2025 9.8% | Jun 2025 8.6% | Sep 2025 9.7% | Dec 2025 10% | Mar 2026 9.2% | Jun 2026 —
- DCBBANK: Sep 2021 3.6% | Dec 2021 6.8% | Mar 2022 7.8% | Jun 2022 12% | Sep 2022 9.6% | Dec 2022 11% | Mar 2023 11% | Jun 2023 13% | Sep 2023 11% | Dec 2023 11% | Mar 2024 11% | Jun 2024 13% | Sep 2024 10% | Dec 2024 12% | Mar 2025 11% | Jun 2025 13% | Sep 2025 11% | Dec 2025 13% | Mar 2026 12% | Jun 2026 —
- DHANBANK: Sep 2021 3.1% | Dec 2021 1.7% | Mar 2022 0.9% | Jun 2022 11% | Sep 2022 -12% | Dec 2022 7.1% | Mar 2023 9.8% | Jun 2023 17% | Sep 2023 12% | Dec 2023 9.3% | Mar 2024 1.2% | Jun 2024 1.3% | Sep 2024 2.3% | Dec 2024 9.9% | Mar 2025 7.5% | Jun 2025 9.4% | Sep 2025 3.5% | Dec 2025 6.6% | Mar 2026 6.7% | Jun 2026 —

### 20-quarter ROE change history
- KOTAKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.7 pp | Mar 2023 +0.2 pp | Jun 2023 +0.2 pp | Sep 2023 +3.5 pp | Dec 2023 +0.9 pp | Mar 2024 −1.3 pp | Jun 2024 +0.1 pp | Sep 2024 +8.1 pp | Dec 2024 −0.7 pp | Mar 2025 −1.3 pp | Jun 2025 −4.1 pp | Sep 2025 −11.5 pp | Dec 2025 −3.6 pp | Mar 2026 −1.1 pp | Jun 2026 −0.5 pp
- AXISBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +5.3 pp | Mar 2023 +4.6 pp | Jun 2023 −31.4 pp | Sep 2023 +3.7 pp | Dec 2023 −0.1 pp | Mar 2024 −1.0 pp | Jun 2024 +36.0 pp | Sep 2024 −2.3 pp | Dec 2024 −0.2 pp | Mar 2025 −2.4 pp | Jun 2025 −3.6 pp | Sep 2025 −2.9 pp | Dec 2025 −6.3 pp | Mar 2026 −1.6 pp | Jun 2026 −1.9 pp
- INDUSINDBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.3 pp | Dec 2022 +4.3 pp | Mar 2023 +4.4 pp | Jun 2023 +3.4 pp | Sep 2023 +1.8 pp | Dec 2023 +0.9 pp | Mar 2024 +0.4 pp | Jun 2024 +0.1 pp | Sep 2024 −1.7 pp | Dec 2024 −7.2 pp | Mar 2025 −7.3 pp | Jun 2025 −29.8 pp | Sep 2025 −10.0 pp | Dec 2025 −11.0 pp | Mar 2026 −7.7 pp | Jun 2026 —
- YESBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.8 pp | Mar 2023 −2.6 pp | Jun 2023 −2.4 pp | Sep 2023 −0.3 pp | Dec 2023 +0.3 pp | Mar 2024 +1.7 pp | Jun 2024 +2.5 pp | Sep 2024 +1.3 pp | Dec 2024 +2.7 pp | Mar 2025 +3.0 pp | Jun 2025 +1.8 pp | Sep 2025 +2.0 pp | Dec 2025 +0.5 pp | Mar 2026 +2.4 pp | Jun 2026 +2.2 pp
- IDFCFIRSTB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +23.1 pp | Dec 2022 +8.2 pp | Mar 2023 +5.4 pp | Jun 2023 +6.8 pp | Sep 2023 +2.1 pp | Dec 2023 +0.6 pp | Mar 2024 −0.6 pp | Jun 2024 −3.8 pp | Sep 2024 −3.5 pp | Dec 2024 −8.7 pp | Mar 2025 −6.9 pp | Jun 2025 −6.7 pp | Sep 2025 −3.1 pp | Dec 2025 +0.9 pp | Mar 2026 +0.5 pp | Jun 2026 —
- RBLBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +5.6 pp | Mar 2023 +2.9 pp | Jun 2023 +3.7 pp | Sep 2023 +2.7 pp | Dec 2023 +3.7 pp | Mar 2024 0.0 pp | Jun 2024 +1.1 pp | Sep 2024 +0.1 pp | Dec 2024 −3.5 pp | Mar 2025 −5.7 pp | Jun 2025 −7.9 pp | Sep 2025 −4.0 pp | Dec 2025 −1.3 pp | Mar 2026 +4.5 pp | Jun 2026 +3.8 pp
- KARURVYSYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.5 pp | Mar 2023 +4.3 pp | Jun 2023 +4.8 pp | Sep 2023 +4.7 pp | Dec 2023 +4.2 pp | Mar 2024 +3.4 pp | Jun 2024 +2.7 pp | Sep 2024 −0.2 pp | Dec 2024 +1.0 pp | Mar 2025 +0.2 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +0.5 pp | Mar 2026 +3.4 pp | Jun 2026 +3.6 pp
- BANDHANBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +79.8 pp | Mar 2023 −16.6 pp | Jun 2023 −29.4 pp | Sep 2023 −5.2 pp | Dec 2023 +9.7 pp | Mar 2024 +7.9 pp | Jun 2024 −15.9 pp | Sep 2024 +5.0 pp | Dec 2024 +2.2 pp | Mar 2025 −6.9 pp | Jun 2025 +4.3 pp | Sep 2025 −13.7 pp | Dec 2025 −14.7 pp | Mar 2026 −3.9 pp | Jun 2026 +3.2 pp
- CUB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 +4.2 pp | Mar 2023 −0.3 pp | Jun 2023 −1.0 pp | Sep 2023 −1.5 pp | Dec 2023 −1.7 pp | Mar 2024 −0.3 pp | Jun 2024 +0.4 pp | Sep 2024 +0.4 pp | Dec 2024 −1.4 pp | Mar 2025 +0.8 pp | Jun 2025 +0.1 pp | Sep 2025 +0.3 pp | Dec 2025 +0.4 pp | Mar 2026 +0.5 pp | Jun 2026 —
- J&KBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +5.6 pp | Mar 2023 +5.5 pp | Jun 2023 +14.2 pp | Sep 2023 +5.3 pp | Dec 2023 +3.2 pp | Mar 2024 +0.9 pp | Jun 2024 +0.9 pp | Sep 2024 +0.3 pp | Dec 2024 +2.3 pp | Mar 2025 +0.5 pp | Jun 2025 −4.5 pp | Sep 2025 0.0 pp | Dec 2025 −3.6 pp | Mar 2026 −0.3 pp | Jun 2026 —
- TMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.8 pp | Dec 2022 — | Mar 2023 +1.6 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 +0.1 pp | Mar 2024 −1.8 pp | Jun 2024 −1.8 pp | Sep 2024 −0.6 pp | Dec 2024 −0.5 pp | Mar 2025 −0.9 pp | Jun 2025 +0.4 pp | Sep 2025 −0.9 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- SOUTHBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +27.9 pp | Mar 2023 +10.1 pp | Jun 2023 +1.6 pp | Sep 2023 +4.1 pp | Dec 2023 +0.9 pp | Mar 2024 +10.4 pp | Jun 2024 −6.3 pp | Sep 2024 +1.1 pp | Dec 2024 −1.7 pp | Mar 2025 −2.3 pp | Jun 2025 −0.2 pp | Sep 2025 −0.5 pp | Dec 2025 −0.6 pp | Mar 2026 −0.8 pp | Jun 2026 +0.5 pp
- KTKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +15.0 pp | Mar 2023 +5.8 pp | Jun 2023 +10.0 pp | Sep 2023 +11.7 pp | Dec 2023 −6.9 pp | Mar 2024 −0.2 pp | Jun 2024 −6.9 pp | Sep 2024 −3.3 pp | Dec 2024 −3.6 pp | Mar 2025 −4.4 pp | Jun 2025 −2.0 pp | Sep 2025 −5.1 pp | Dec 2025 −1.7 pp | Mar 2026 −0.6 pp | Jun 2026 —
- DCBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.0 pp | Dec 2022 +4.1 pp | Mar 2023 +3.0 pp | Jun 2023 +1.4 pp | Sep 2023 +1.5 pp | Dec 2023 −0.1 pp | Mar 2024 −0.2 pp | Jun 2024 −0.3 pp | Sep 2024 −0.7 pp | Dec 2024 +1.1 pp | Mar 2025 +0.7 pp | Jun 2025 +0.2 pp | Sep 2025 +0.7 pp | Dec 2025 +0.7 pp | Mar 2026 +1.1 pp | Jun 2026 —
- DHANBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −14.8 pp | Dec 2022 +5.4 pp | Mar 2023 +8.9 pp | Jun 2023 +5.9 pp | Sep 2023 +23.5 pp | Dec 2023 +2.2 pp | Mar 2024 −8.6 pp | Jun 2024 −15.2 pp | Sep 2024 −9.5 pp | Dec 2024 +0.6 pp | Mar 2025 +6.3 pp | Jun 2025 +8.1 pp | Sep 2025 +1.2 pp | Dec 2025 −3.3 pp | Mar 2026 −0.8 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: Tamilnad Mercantile Bank Ltd leads gross npa at 0.7%; Bandhan Bank Ltd leads gnpa change at -1.8 percentage points.

Investor read: Tamilnad Mercantile Bank Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: Tamilnad Mercantile Bank Ltd · 0.7% | 1.4% versus #2 · Karur Vysya Bank Ltd | 8/8 recent comparable periods | 9/18 companies · 194 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest
1. Tamilnad Mercantile Bank Ltd (TMB): 0.7%
2. Karur Vysya Bank Ltd (KARURVYSYA): 0.7%
3. Yes Bank Ltd (YESBANK): 1.3%
4. Dhanlaxmi Bank Ltd (DHANBANK): 1.9%
5. City Union Bank Ltd (CUB): 1.9%

### GNPA change — fastest improvers
1. Bandhan Bank Ltd (BANDHANBNK): −1.8 pp
2. South Indian Bank Ltd (SOUTHBANK): −1.6 pp
3. City Union Bank Ltd (CUB): −1.2 pp
4. Dhanlaxmi Bank Ltd (DHANBANK): −1.1 pp
5. DCB Bank Ltd (DCBBANK): −0.6 pp

### 20-quarter Gross NPA history
- HDFCBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.2% | Mar 2023 1.1% | Jun 2023 1.2% | Sep 2023 1.3% | Dec 2023 1.3% | Mar 2024 1.2% | Jun 2024 1.3% | Sep 2024 1.4% | Dec 2024 1.4% | Mar 2025 1.3% | Jun 2025 1.4% | Sep 2025 1.2% | Dec 2025 1.2% | Mar 2026 — | Jun 2026 —
- KOTAKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.9% | Mar 2023 1.8% | Jun 2023 1.8% | Sep 2023 1.7% | Dec 2023 1.7% | Mar 2024 1.4% | Jun 2024 1.4% | Sep 2024 1.5% | Dec 2024 1.5% | Mar 2025 1.5% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AXISBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.4% | Mar 2023 2.0% | Jun 2023 2.0% | Sep 2023 1.7% | Dec 2023 1.6% | Mar 2024 1.4% | Jun 2024 1.5% | Sep 2024 1.4% | Dec 2024 1.5% | Mar 2025 1.3% | Jun 2025 1.6% | Sep 2025 1.5% | Dec 2025 1.4% | Mar 2026 — | Jun 2026 —
- FEDERALBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.4% | Mar 2023 2.4% | Jun 2023 2.4% | Sep 2023 2.3% | Dec 2023 2.3% | Mar 2024 2.1% | Jun 2024 2.1% | Sep 2024 2.1% | Dec 2024 2.0% | Mar 2025 1.8% | Jun 2025 1.9% | Sep 2025 1.8% | Dec 2025 1.7% | Mar 2026 — | Jun 2026 —
- INDUSINDBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.1% | Mar 2023 2.0% | Jun 2023 1.9% | Sep 2023 1.9% | Dec 2023 1.9% | Mar 2024 1.9% | Jun 2024 2.0% | Sep 2024 2.1% | Dec 2024 2.3% | Mar 2025 3.1% | Jun 2025 3.6% | Sep 2025 3.6% | Dec 2025 3.6% | Mar 2026 3.4% | Jun 2026 3.3%
- YESBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.0% | Mar 2023 2.2% | Jun 2023 2.0% | Sep 2023 2.0% | Dec 2023 2.0% | Mar 2024 1.7% | Jun 2024 1.7% | Sep 2024 1.6% | Dec 2024 1.6% | Mar 2025 1.6% | Jun 2025 1.6% | Sep 2025 1.6% | Dec 2025 1.5% | Mar 2026 1.3% | Jun 2026 1.3%
- KARURVYSYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.7% | Mar 2023 2.3% | Jun 2023 2.0% | Sep 2023 1.7% | Dec 2023 1.6% | Mar 2024 1.4% | Jun 2024 1.3% | Sep 2024 1.1% | Dec 2024 0.8% | Mar 2025 0.8% | Jun 2025 0.7% | Sep 2025 0.8% | Dec 2025 0.7% | Mar 2026 0.8% | Jun 2026 0.7%
- BANDHANBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 7.2% | Mar 2023 4.9% | Jun 2023 6.8% | Sep 2023 7.3% | Dec 2023 7.0% | Mar 2024 3.8% | Jun 2024 4.2% | Sep 2024 4.7% | Dec 2024 4.7% | Mar 2025 4.7% | Jun 2025 5.0% | Sep 2025 5.0% | Dec 2025 3.3% | Mar 2026 3.3% | Jun 2026 3.2%
- CUB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.6% | Mar 2023 4.4% | Jun 2023 4.9% | Sep 2023 4.7% | Dec 2023 4.5% | Mar 2024 4.0% | Jun 2024 3.9% | Sep 2024 3.5% | Dec 2024 3.4% | Mar 2025 3.1% | Jun 2025 3.0% | Sep 2025 2.4% | Dec 2025 2.2% | Mar 2026 1.9% | Jun 2026 —
- TMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.7% | Mar 2023 1.4% | Jun 2023 1.6% | Sep 2023 1.7% | Dec 2023 1.7% | Mar 2024 1.4% | Jun 2024 1.4% | Sep 2024 1.4% | Dec 2024 1.3% | Mar 2025 1.3% | Jun 2025 1.2% | Sep 2025 1.0% | Dec 2025 0.9% | Mar 2026 0.7% | Jun 2026 —
- SOUTHBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.5% | Mar 2023 5.1% | Jun 2023 5.1% | Sep 2023 5.0% | Dec 2023 4.7% | Mar 2024 4.5% | Jun 2024 4.5% | Sep 2024 4.4% | Dec 2024 4.3% | Mar 2025 3.2% | Jun 2025 3.2% | Sep 2025 2.9% | Dec 2025 2.7% | Mar 2026 — | Jun 2026 —
- KTKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.4% | Dec 2022 3.3% | Mar 2023 3.7% | Jun 2023 3.7% | Sep 2023 3.5% | Dec 2023 3.6% | Mar 2024 3.5% | Jun 2024 3.5% | Sep 2024 3.2% | Dec 2024 3.1% | Mar 2025 3.1% | Jun 2025 3.5% | Sep 2025 3.3% | Dec 2025 3.3% | Mar 2026 2.8% | Jun 2026 —
- DCBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.6% | Mar 2023 3.2% | Jun 2023 3.3% | Sep 2023 3.4% | Dec 2023 3.4% | Mar 2024 3.2% | Jun 2024 3.3% | Sep 2024 3.3% | Dec 2024 3.1% | Mar 2025 3.0% | Jun 2025 3.0% | Sep 2025 2.9% | Dec 2025 2.7% | Mar 2026 2.5% | Jun 2026 2.4%
- DHANBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.8% | Mar 2023 5.2% | Jun 2023 5.2% | Sep 2023 5.4% | Dec 2023 4.8% | Mar 2024 4.1% | Jun 2024 4.0% | Sep 2024 3.8% | Dec 2024 3.5% | Mar 2025 3.0% | Jun 2025 3.2% | Sep 2025 3.1% | Dec 2025 2.4% | Mar 2026 1.9% | Jun 2026 —

### 20-quarter GNPA change history
- HDFCBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +0.0 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.0 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 — | Jun 2026 —
- KOTAKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.2 pp | Mar 2024 −0.4 pp | Jun 2024 −0.4 pp | Sep 2024 −0.2 pp | Dec 2024 −0.2 pp | Mar 2025 +0.1 pp | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AXISBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.8 pp | Mar 2024 −0.6 pp | Jun 2024 −0.4 pp | Sep 2024 −0.3 pp | Dec 2024 −0.1 pp | Mar 2025 −0.2 pp | Jun 2025 +0.0 pp | Sep 2025 +0.0 pp | Dec 2025 −0.1 pp | Mar 2026 — | Jun 2026 —
- FEDERALBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.1 pp | Mar 2024 −0.2 pp | Jun 2024 −0.3 pp | Sep 2024 −0.2 pp | Dec 2024 −0.3 pp | Mar 2025 −0.3 pp | Jun 2025 −0.2 pp | Sep 2025 −0.3 pp | Dec 2025 −0.2 pp | Mar 2026 — | Jun 2026 —
- INDUSINDBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.1 pp | Mar 2024 −0.1 pp | Jun 2024 +0.1 pp | Sep 2024 +0.2 pp | Dec 2024 +0.3 pp | Mar 2025 +1.2 pp | Jun 2025 +1.6 pp | Sep 2025 +1.5 pp | Dec 2025 +1.3 pp | Mar 2026 +0.3 pp | Jun 2026 −0.4 pp
- YESBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0 pp | Mar 2024 −0.5 pp | Jun 2024 −0.3 pp | Sep 2024 −0.4 pp | Dec 2024 −0.4 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.1 pp | Mar 2026 −0.3 pp | Jun 2026 −0.3 pp
- KARURVYSYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −1.1 pp | Mar 2024 −0.9 pp | Jun 2024 −0.7 pp | Sep 2024 −0.6 pp | Dec 2024 −0.8 pp | Mar 2025 −0.6 pp | Jun 2025 −0.7 pp | Sep 2025 −0.3 pp | Dec 2025 −0.1 pp | Mar 2026 −0.0 pp | Jun 2026 +0.1 pp
- BANDHANBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.1 pp | Mar 2024 −1.0 pp | Jun 2024 −2.5 pp | Sep 2024 −2.6 pp | Dec 2024 −2.3 pp | Mar 2025 +0.9 pp | Jun 2025 +0.7 pp | Sep 2025 +0.3 pp | Dec 2025 −1.4 pp | Mar 2026 −1.4 pp | Jun 2026 −1.8 pp
- CUB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.2 pp | Mar 2024 −0.4 pp | Jun 2024 −1.0 pp | Sep 2024 −1.1 pp | Dec 2024 −1.1 pp | Mar 2025 −0.9 pp | Jun 2025 −0.9 pp | Sep 2025 −1.1 pp | Dec 2025 −1.2 pp | Mar 2026 −1.2 pp | Jun 2026 —
- TMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.0 pp | Mar 2024 +0.1 pp | Jun 2024 −0.1 pp | Sep 2024 −0.3 pp | Dec 2024 −0.4 pp | Mar 2025 −0.2 pp | Jun 2025 −0.2 pp | Sep 2025 −0.4 pp | Dec 2025 −0.4 pp | Mar 2026 −0.5 pp | Jun 2026 —
- SOUTHBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.7 pp | Mar 2024 −0.6 pp | Jun 2024 −0.6 pp | Sep 2024 −0.6 pp | Dec 2024 −0.4 pp | Mar 2025 −1.3 pp | Jun 2025 −1.4 pp | Sep 2025 −1.5 pp | Dec 2025 −1.6 pp | Mar 2026 — | Jun 2026 —
- KTKBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 +0.4 pp | Mar 2024 −0.2 pp | Jun 2024 −0.1 pp | Sep 2024 −0.3 pp | Dec 2024 −0.5 pp | Mar 2025 −0.5 pp | Jun 2025 −0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 −0.3 pp | Jun 2026 —
- DCBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.2 pp | Mar 2024 +0.0 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −0.3 pp | Mar 2025 −0.2 pp | Jun 2025 −0.4 pp | Sep 2025 −0.4 pp | Dec 2025 −0.4 pp | Mar 2026 −0.5 pp | Jun 2026 −0.6 pp
- DHANBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −1.0 pp | Mar 2024 −1.1 pp | Jun 2024 −1.2 pp | Sep 2024 −1.5 pp | Dec 2024 −1.3 pp | Mar 2025 −1.1 pp | Jun 2025 −0.8 pp | Sep 2025 −0.7 pp | Dec 2025 −1.2 pp | Mar 2026 −1.1 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Jammu and Kashmir Bank Ltd has the lowest comparable P/BV ÷ ROE at 0.07×, 12.5% below DCB Bank Ltd. Only 18 of 18 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Jammu and Kashmir Bank Ltd · 0.07× | 12.5% versus #2 · DCB Bank Ltd | 0/8 recent comparable periods | 18/18 companies · 273 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Jammu and Kashmir Bank Ltd (J&KBANK): 0.1
2. DCB Bank Ltd (DCBBANK): 0.1
3. Karnataka Bank Ltd (KTKBANK): 0.1
4. South Indian Bank Ltd (SOUTHBANK): 0.1
5. Tamilnad Mercantile Bank Ltd (TMB): 0.1

### P/BV — lowest P/BV
1. Karnataka Bank Ltd (KTKBANK): 0.8
2. DCB Bank Ltd (DCBBANK): 0.9
3. Dhanlaxmi Bank Ltd (DHANBANK): 0.9
4. South Indian Bank Ltd (SOUTHBANK): 1.0
5. Bandhan Bank Ltd (BANDHANBNK): 1.1

### 20-quarter P/BV ÷ ROE history
- KOTAKBANK: Sep 2021 — | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.1 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 0.2
- AXISBANK: Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 — | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.2 | Sep 2025 0.1 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 0.2
- INDUSINDBK: Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 — | Sep 2025 0.2 | Dec 2025 — | Mar 2026 1.1 | Jun 2026 —
- YESBANK: Sep 2021 — | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 0.8 | Mar 2023 1.8 | Jun 2023 0.6 | Sep 2023 0.4 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.4 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.3 | Mar 2026 0.1 | Jun 2026 0.2
- IDFCFIRSTB: Sep 2021 — | Dec 2021 0.7 | Mar 2022 0.2 | Jun 2022 0.1 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.1 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.5 | Mar 2025 0.3 | Jun 2025 0.5 | Sep 2025 0.3 | Dec 2025 0.4 | Mar 2026 0.3 | Jun 2026 —
- RBLBANK: Sep 2021 — | Dec 2021 2.0 | Mar 2022 0.2 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.6 | Jun 2025 0.5 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 0.2
- KARURVYSYA: Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.0 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 0.1
- BANDHANBNK: Sep 2021 — | Dec 2021 — | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.4 | Mar 2023 0.3 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 1.7 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.5 | Mar 2026 0.3 | Jun 2026 0.2
- CUB: Sep 2021 0.2 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 —
- J&KBANK: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.0 | Dec 2022 0.1 | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.0 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- TMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- SOUTHBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.0 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.0 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 0.1
- KTKBANK: Sep 2021 0.1 | Dec 2021 0.0 | Mar 2022 0.0 | Jun 2022 0.0 | Sep 2022 0.1 | Dec 2022 0.0 | Mar 2023 0.0 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- DCBBANK: Sep 2021 0.2 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- DHANBANK: Sep 2021 0.2 | Dec 2021 0.3 | Mar 2022 0.4 | Jun 2022 0.0 | Sep 2022 — | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.0 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 0.5 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.1 | Sep 2025 0.2 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —

### 20-quarter P/BV history
- HDFCBANK: Sep 2021 — | Dec 2021 — | Mar 2022 3.4 | Jun 2022 — | Sep 2022 — | Dec 2022 3.5 | Mar 2023 3.6 | Jun 2023 3.1 | Sep 2023 2.8 | Dec 2023 3.1 | Mar 2024 2.5 | Jun 2024 3.2 | Sep 2024 2.8 | Dec 2024 2.9 | Mar 2025 2.8 | Jun 2025 3.4 | Sep 2025 2.8 | Dec 2025 2.8 | Mar 2026 2.1 | Jun 2026 2.3
- ICICIBANK: Sep 2021 — | Dec 2021 — | Mar 2022 2.8 | Jun 2022 — | Sep 2022 — | Dec 2022 3.2 | Mar 2023 3.4 | Jun 2023 2.9 | Sep 2023 3.0 | Dec 2023 3.0 | Mar 2024 3.2 | Jun 2024 3.9 | Sep 2024 3.4 | Dec 2024 3.3 | Mar 2025 3.3 | Jun 2025 4.0 | Sep 2025 3.1 | Dec 2025 2.9 | Mar 2026 2.5 | Jun 2026 3.1
- KOTAKBANK: Sep 2021 4.8 | Dec 2021 4.0 | Mar 2022 3.8 | Jun 2022 4.0 | Sep 2022 3.5 | Dec 2022 3.5 | Mar 2023 3.6 | Jun 2023 3.8 | Sep 2023 3.1 | Dec 2023 3.1 | Mar 2024 2.9 | Jun 2024 3.2 | Sep 2024 2.9 | Dec 2024 2.4 | Mar 2025 2.9 | Jun 2025 3.4 | Sep 2025 2.5 | Dec 2025 2.6 | Mar 2026 2.2 | Jun 2026 2.6
- AXISBANK: Sep 2021 2.3 | Dec 2021 1.8 | Mar 2022 1.9 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 2.2 | Mar 2023 2.2 | Jun 2023 2.2 | Sep 2023 2.4 | Dec 2023 2.4 | Mar 2024 2.2 | Jun 2024 3.0 | Sep 2024 2.4 | Dec 2024 1.9 | Mar 2025 1.9 | Jun 2025 2.4 | Sep 2025 1.9 | Dec 2025 1.9 | Mar 2026 1.8 | Jun 2026 2.3
- FEDERALBNK: Sep 2021 — | Dec 2021 — | Mar 2022 1.1 | Jun 2022 — | Sep 2022 — | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.4 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.7 | Sep 2024 1.6 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 1.7 | Sep 2025 1.4 | Dec 2025 1.8 | Mar 2026 1.8 | Jun 2026 2.0
- INDUSINDBK: Sep 2021 2.1 | Dec 2021 1.5 | Mar 2022 1.6 | Jun 2022 1.4 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 1.7 | Jun 2023 2.2 | Sep 2023 2.0 | Dec 2023 2.1 | Mar 2024 2.1 | Jun 2024 2.1 | Sep 2024 1.8 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 1.1
- YESBANK: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 0.9 | Sep 2022 1.1 | Dec 2022 1.5 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.2 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.7 | Sep 2024 1.6 | Dec 2024 1.3 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.1 | Jun 2026 1.5
- IDFCFIRSTB: Sep 2021 1.5 | Dec 2021 1.5 | Mar 2022 1.2 | Jun 2022 0.9 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 2.3 | Sep 2023 2.4 | Dec 2023 2.2 | Mar 2024 1.9 | Jun 2024 2.1 | Sep 2024 1.6 | Dec 2024 1.3 | Mar 2025 1.1 | Jun 2025 1.6 | Sep 2025 1.3 | Dec 2025 1.4 | Mar 2026 1.1 | Jun 2026 1.4
- RBLBANK: Sep 2021 0.9 | Dec 2021 0.6 | Mar 2022 0.7 | Jun 2022 0.4 | Sep 2022 0.5 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.9 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.0 | Jun 2024 1.2 | Sep 2024 0.8 | Dec 2024 0.6 | Mar 2025 0.7 | Jun 2025 1.0 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 1.1 | Jun 2026 1.4
- KARURVYSYA: Sep 2021 0.6 | Dec 2021 0.5 | Mar 2022 0.5 | Jun 2022 0.5 | Sep 2022 0.8 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.9 | Sep 2024 1.7 | Dec 2024 1.6 | Mar 2025 1.6 | Jun 2025 2.1 | Sep 2025 1.7 | Dec 2025 2.0 | Mar 2026 2.2 | Jun 2026 2.4
- BANDHANBNK: Sep 2021 2.6 | Dec 2021 2.8 | Mar 2022 3.3 | Jun 2022 2.6 | Sep 2022 2.3 | Dec 2022 2.0 | Mar 2023 1.8 | Jun 2023 2.2 | Sep 2023 2.1 | Dec 2023 1.9 | Mar 2024 1.4 | Jun 2024 1.7 | Sep 2024 1.5 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 1.3
- CUB: Sep 2021 1.9 | Dec 2021 1.6 | Mar 2022 1.5 | Jun 2022 1.6 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 1.4 | Jun 2023 1.4 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.3 | Jun 2024 1.7 | Sep 2024 1.4 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.8 | Sep 2025 1.6 | Dec 2025 2.2 | Mar 2026 1.9 | Jun 2026 —
- J&KBANK: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 1.0 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.8 | Jun 2026 —
- TMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 1.2 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 1.0 | Jun 2026 —
- SOUTHBANK: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 0.3 | Sep 2022 0.4 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 0.7 | Dec 2024 0.7 | Mar 2025 0.6 | Jun 2025 0.9 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 1.0
- KTKBANK: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 0.8 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 —
- DCBBANK: Sep 2021 0.8 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.9 | Sep 2025 0.7 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 0.9
- DHANBANK: Sep 2021 0.6 | Dec 2021 0.5 | Mar 2022 0.4 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.3 | Jun 2024 1.4 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.1 | Jun 2025 1.0 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 —

## Market action

Tamilnad Mercantile Bank Ltd has the strongest one-year price move in Banks - Private at +76.6%. Jammu and Kashmir Bank Ltd leads on Mansfield relative strength against NIFTY at +45.4%. 14 of 18 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Tamilnad Mercantile Bank Ltd (TMB): 77%
2. Federal Bank Ltd (FEDERALBNK): 67%
3. South Indian Bank Ltd (SOUTHBANK): 56%
4. Karur Vysya Bank Ltd (KARURVYSYA): 52%
5. Jammu and Kashmir Bank Ltd (J&KBANK): 52%

### Strongest relative strength versus NIFTY 500
1. Jammu and Kashmir Bank Ltd (J&KBANK): 45%
2. Tamilnad Mercantile Bank Ltd (TMB): 38%
3. Federal Bank Ltd (FEDERALBNK): 35%
4. Karnataka Bank Ltd (KTKBANK): 32%
5. Karur Vysya Bank Ltd (KARURVYSYA): 28%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 3 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- HDFC Bank Ltd (HDFCBANK) — market value ₹11.4 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- ICICI Bank Ltd (ICICIBANK) — market value ₹10.3 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Kotak Mahindra Bank Ltd (KOTAKBANK) — market value ₹3.8 L Cr; latest fundamentals Jun 2026
- Axis Bank Ltd (AXISBANK) — market value ₹3.8 L Cr; latest fundamentals Jun 2026
- Federal Bank Ltd (FEDERALBNK) — market value ₹87.5K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- IndusInd Bank Ltd (INDUSINDBK) — market value ₹77.6K Cr; latest fundamentals Jun 2026
- Yes Bank Ltd (YESBANK) — market value ₹72.0K Cr; latest fundamentals Jun 2026
- IDFC First Bank Ltd (IDFCFIRSTB) — market value ₹69.6K Cr; latest fundamentals Jun 2026
- RBL Bank Ltd (RBLBANK) — market value ₹54.6K Cr; latest fundamentals Jun 2026
- Karur Vysya Bank Ltd (KARURVYSYA) — market value ₹32.8K Cr; latest fundamentals Jun 2026
- Bandhan Bank Ltd (BANDHANBNK) — market value ₹26.7K Cr; latest fundamentals Jun 2026
- City Union Bank Ltd (CUB) — market value ₹21.8K Cr; latest fundamentals Mar 2026
- Jammu and Kashmir Bank Ltd (J&KBANK) — market value ₹19.0K Cr; latest fundamentals Mar 2026
- Tamilnad Mercantile Bank Ltd (TMB) — market value ₹12.7K Cr; latest fundamentals Mar 2026
- South Indian Bank Ltd (SOUTHBANK) — market value ₹12.2K Cr; latest fundamentals Jun 2026
- Karnataka Bank Ltd (KTKBANK) — market value ₹10.6K Cr; latest fundamentals Mar 2026
- DCB Bank Ltd (DCBBANK) — market value ₹6.0K Cr; latest fundamentals Jun 2026
- Dhanlaxmi Bank Ltd (DHANBANK) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 14. Unverified: 1. Withheld: 3. Graded companies: 18.

1 of 18 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

3 of 18 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: HDFC Bank Ltd (HDFCBANK) — its two data sources disagree by up to 26% on reported income across 15 comparable periods, so its derived ratios are withheld; ICICI Bank Ltd (ICICIBANK) — its two data sources disagree by up to 7% on reported income across 15 comparable periods, so its derived ratios are withheld; Federal Bank Ltd (FEDERALBNK) — its two data sources disagree by up to 3.6% on reported income across 15 comparable periods, so its derived ratios are withheld.

- WITHHELD | HDFCBANK | HDFC Bank Ltd | diff_gt_2pct | disagreement up to 26.35% over 15 comparable periods
- WITHHELD | ICICIBANK | ICICI Bank Ltd | diff_gt_2pct | disagreement up to 6.99% over 15 comparable periods
- WITHHELD | FEDERALBNK | Federal Bank Ltd | diff_gt_2pct | disagreement up to 3.63% over 15 comparable periods

- UNVERIFIED | DHANBANK | Dhanlaxmi Bank Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Banks - Private index?

The Nifty Banks - Private index tracks India's listed Banks - Private companies as a single basket. This page follows the same 18 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Banks - Private sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Banks - Private stocks in India?

Ranked by this page's four-factor score, Tamilnad Mercantile Bank Ltd places first among 18 listed Banks - Private companies, followed by Karur Vysya Bank Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Banks - Private stocks are listed in India?

This comparison covers 18 listed Banks - Private companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Banks - Private company is the biggest?

HDFC Bank Ltd is the largest, with trailing-twelve-month income of ₹3,51,818 crore, ahead of ICICI Bank Ltd at ₹1,98,380 crore. That covers 18 of 18 companies with comparable reporting through Jun 2026.

### Which Banks - Private company is growing fastest?

Dhanlaxmi Bank Ltd has the fastest income growth at 21.3% year on year, across 18 of 18 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Banks - Private company makes the most profit?

HDFC Bank Ltd earns the most, at ₹82,512 crore of trailing-twelve-month net profit, from 18 of 18 comparable companies. IDFC First Bank Ltd has the fastest profit growth at 77.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Banks - Private lender has the best asset quality?

Tamilnad Mercantile Bank Ltd reports the lowest gross NPA ratio at 0.7% — lower is better — across 9 of 18 lenders. Read the direction as well as the level: a rising NPA ratio off a low base can matter more than a high but falling one.

### Which Banks - Private company earns the highest return on capital?

ICICI Bank Ltd leads on return on assets at 2.1%, across 17 of 18 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Banks - Private stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Jammu and Kashmir Bank Ltd screens cheapest at 0.07×. Only 18 of 18 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Banks - Private lender has the largest funding base?

Axis Bank Ltd has the largest reported deposit base at ₹13,71,173 crore. For lenders, deposits and borrowings are operating inputs rather than leverage, so they are read against asset quality and returns instead of as debt.

### Is the Banks - Private sector beating the market?

Banks - Private has outperformed NIFTY 500 by 30% over the last 52 weeks and 11.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 14 of 18 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Banks - Private stock has the strongest price momentum?

Jammu and Kashmir Bank Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Banks - Private company scores highest for research priority?

Tamilnad Mercantile Bank Ltd scores 73 out of 100 with 92.8% evidence confidence, from 20 points on growth and earnings, 22.1 on capital efficiency, 12.9 on valuation and 18 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Banks - Private companies does this comparison cover, and over what period?

It compares 18 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Banks - Private sector?

The 18 Banks - Private companies on this page carry ₹34,41,381 crore of combined market value. HDFC Bank Ltd is the largest at ₹11,44,294 crore, about 33% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Banks - Private sector's P/B ratio?

The median price-to-book ratio across the 18 Banks - Private companies on this page is 1.4×, measured on the 18 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Banks - Private sector performing?

14 of the 18 covered Banks - Private companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 30% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/banks-private