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Yes Bank posted the highest percentage increase in market capitalization among Indian banks in the quarter ended December 31, 2023. Market capitalization for the lender rose 24.4 per cent to Rs 616.94 billion from October to December, helping Yes Bank move two slots higher to 14th position in the list of top 20 Indian banks by market cap, according to S&P Global Market Intelligence data & analysis.

In terms of market cap percentage growth, Punjab National Bank was just behind Yes Bank with a quarterly increase of 19.4 per cent to 1.054 trillion in the three months ended December 31, 2023.

This saw it gain one spot from a quarter ago, to eighth position on the top 20 list, which had HDFC Bank Ltd. at its top.

Overall, 14 of the 20 largest banks in India reported gains in market capitalization in the October-to-December quarter, eight of them with double-digit increases, according to S&P Global Market Intelligence data.

The top seven Indian banks retained their market cap ranking during the quarter, with HDFC Bank Ltd. cementing its lead as the biggest Indian lender. ICICI Bank Ltd. retained its second spot in the market cap ranking, while State Bank of India, the biggest Indian lender by assets, was third by market capitalization.

Some state-owned lenders posted declines in their market cap in the quarter. These included UCO Bank with a 8.7 per cent fall and Indian Overseas Bank with a 7.4 per cent drop, according to S&P Global Market Intelligence data.