It was a sweet and sour story for the Indian banking industry. HDFC Bank topped the charts in the recently unveiled BrandZ Top 50 most valuable Indian brands for 2016.
The bank’s brand valuation grew by 15 per cent over the previous year to touch $ 14.4 billion. In June this year, the bank had made it to the global rankings of BrandZ by being the only Indian brand to feature in the global 100 list at the 69th spot.
But the highest gains in the top 50 went to Kotak Bank, which saw its brand value rise 39 per cent to $3.33 billion, while IndusInd Bank gained 18 per cent.
However, most other Indian banks did not have reasons to smile. SBI retained its third rank in the Indian top 50 but lost a massive 32 per cent in brand value as its fortunes tanked from $9.37 billion in 2015 to $6.35 billion in the current year.
ICICI Bank lost nearly a quarter of its brand value as it saw an erosion from $5.12 billion to $3.95 billion, a drop of 23 per cent. But the biggest loss in the banking space was for Punjab National Bank that saw its brand value halve, from $1.23 billion to $604 million. Other banks that witnessed a marginal brand erosion included Axis Bank and IDBI Bank.
Also, there were banks that lost their spot in the top 50. They include: Bank of India, Union Bank of India and Canara Bank.
“Overall the value of financial services brands tanked by 33 per cent and the financial services sector was responsible for bringing the overall value of the Top 50 brands in India by four percentage points,” a senior Millward Brown executive told BusinessLine .