India’s Large Private Banks Underperform Global Peers in Shareholder Returns
India’s large private banks, HDFC Bank, Kotak Mahindra Bank, and Axis Bank, have underperformed their global peers in terms of shareholder returns since the pre-pandemic period. Despite strong loan growth, these banks have failed to sustain their return on equity (RoE), leading to a valuation problem. Learn why global banks have outperformed their Indian counterparts.