As many as nine Indian banks, led by HDFC Bank and ICICI Bank, have made it to the list of top 50 Asian Banks. However, none of the Indian banks could qualify for top 10, as per this year’s Asian Banker 300 report released on Thursday. Hong Kong and Shanghai Banking Corporation topped the list, the report said.

Commending on Indian banks, the report said, “This (achievement) is no surprise given the Indian economy is in overdrive, with buoyant consumption and investment demand driving the banking sector’s strong balance sheet growth.” Banks like HDFC and ICICI Bank have been able to protect their net interest margin and loan quality, further improving their earnings growth momentum.

“The 10 strongest banks in the region are all solid franchises, and their pricing power has enabled them set the pace for  banking industry,” said Benny Zhang Wei, Senior Research Analyst at the Asian Banker.