DBT Bureau
Pune, 21 June 2026
India’s leading private-sector banks, including Kotak Mahindra Bank, HDFC Bank, ICICI Bank, and Axis Bank, ranked among the most leveraged lenders in the Asia-Pacific region as of March 31, underscoring their strong capital positions and capacity to support credit growth in one of the world’s fastest-growing major economies, according to S&P Global Market Intelligence.
Key highlights from the analysis include:
Kotak Mahindra Bank Ltd. reported a leverage ratio of 16.56% as of March 31, the highest among Asia-Pacific lenders with at least $100 billion in assets, according to data from S&P Global MarketIntelligence. The Mumbai, India-based lender’s leverage ratio increased by 6 basis points year over year.
Among other Indian banks, HDFC Bank Ltd. posted a leverage ratio of 11.14%, ICICI Bank Ltd. 10.84% and Axis Bank Ltd. 9.28%, the data shows.
Australian banks had the lowest leverage ratios in the sample. National Australia Bank Ltd., Australia and New Zealand Banking Group Ltd. and Commonwealth Bank of Australia reported leverage ratiosbelow 5.0%, according to S&P Global Market Intelligence data.
Union Bank of India posted the steepest increase in its leverage ratio, rising to 7.72% as of March 31, up 69 basis points year over year. Harbin Bank Co. Ltd. posted the steepest decline, down 84basis points to 7.06% year over year.
| Company Name | Headquarters | Total Assets ($B) | Leverage Ratio (%) | YoY Change (bps) |
|---|---|---|---|---|
| Kotak Mahindra Bank Ltd. | India | 107.01 | 16.56 | 6 |
| HDFC Bank Ltd. | India | 523.43 | 11.14 | 1 |
| ICICI Bank Ltd. | India | 310.83 | 10.84 | 47 |
| PT Bank Mandiri (Persero) Tbk | Indonesia | 143.51 | 10.63 | 48 |
| Axis Bank Ltd. | India | 207.54 | 9.28 | -14 |
| Bank of Guiyang Co. Ltd. | China | 111.22 | 9.09 | 26 |
| Chongqing Rural Commercial Bank Co. Ltd. | China | 256.15 | 7.87 | -22 |
| China Merchants Bank Co. Ltd. | China | 1,955.07 | 7.84 | -51 |
| Shanghai Rural Commercial Bank Co. Ltd. | China | 235.94 | 7.76 | -2 |
| Shenzhen Rural Commercial Bank Corp. Ltd. | China | NA | 7.73 | -11 |
| Union Bank of India | India | 169.30 | 7.72 | 69 |
| Beijing Rural Commercial Bank Co. Ltd. | China | NA | 7.65 | 33 |
| China Minsheng Banking Corp. Ltd. | China | 1,137.81 | 7.63 | 39 |
| Dongguan Rural Commercial Bank Co. Ltd. | China | 117.11 | 7.58 | -29 |
| China Construction Bank Corp. | China | 6,833.45 | 7.54 | 2 |
| Industrial and Commercial Bank of China Ltd. | China | 8,086.03 | 7.36 | -1 |
| Bank of China Ltd. | China | 5,740.45 | 7.32 | -1 |
| Bank of Communications Co. Ltd. | China | 2,359.29 | 7.14 | 21 |
| China Citic Bank Corp. Ltd. | China | 1,484.79 | 7.10 | 9 |
| Industrial Bank Co. Ltd. | China | 1,635.82 | 7.07 | -38 |
| Harbin Bank Co. Ltd. | China | 146.42 | 7.06 | -84 |
| United Overseas Bank Ltd. | Singapore | 445.54 | 7.00 | -30 |
| Oversea-Chinese Banking Corp. Ltd. | Singapore | 545.54 | 7.00 | -50 |
| Ping An Bank Co. Ltd. | China | 874.82 | 6.99 | 26 |
| Bank of Shanghai Co. Ltd. | China | 489.84 | 6.97 | -4 |
| China Everbright Bank Co. Ltd. | China | 1,044.04 | 6.93 | -7 |
| Hua Xia Bank Co. Ltd. | China | 707.30 | 6.91 | 5 |
| Bank of Jilin Co. Ltd. | China | 128.29 | 6.85 | -48 |
| Bank of Suzhou Co. Ltd. | China | 124.61 | 6.83 | -44 |
| Bank of Chengdu Co. Ltd. | China | 213.87 | 6.81 | 37 |
| State Bank of India | India | 887.48 | 6.61 | 21 |
| Bank of Beijing Co. Ltd. | China | 717.24 | 6.50 | -30 |
| Bank of Zhengzhou Co. Ltd. | China | 113.59 | 6.44 | -49 |
| Shanghai Pudong Development Bank Co. Ltd. | China | 1,494.13 | 6.41 | 16 |
| China Guangfa Bank Co. Ltd. | China | NA | 6.41 | -30 |
| Xiamen International Bank Co. Ltd. | China | 162.07 | 6.33 | 35 |
| Zhongyuan Bank Co. Ltd. | China | 212.81 | 6.25 | -17 |
| Agricultural Bank of China Ltd. | China | 7,398.34 | 6.12 | -54 |
| Shizuoka Bank Ltd. | Japan | NA | 6.02 | 50 |
| Bank of Changsha Co. Ltd. | China | 190.67 | 5.99 | -21 |
| DBS Group Holdings Ltd. | Singapore | 725.73 | 5.90 | -60 |
| Bank of Hangzhou Co. Ltd. | China | 353.13 | 5.86 | 30 |
| Bank of Jiangsu Co. Ltd. | China | 809.21 | 5.82 | -50 |
| Bank of Nanjing Co. Ltd. | China | 464.94 | 5.78 | -15 |
| Bank of Chongqing Co. Ltd. | China | 160.66 | 5.65 | -58 |
| Bank of Qingdao Co. Ltd. | China | 120.94 | 5.60 | -14 |
| Postal Savings Bank of China Co. Ltd. | China | 2,828.86 | 5.58 | 24 |
| Qilu Bank Co. Ltd. | China | 121.86 | 5.56 | -33 |
| Bank of Guangzhou Co. Ltd. | China | 137.22 | 5.44 | 0 |
| Bank of Ningbo Co. Ltd. | China | 559.52 | 5.33 | -5 |
| China Bohai Bank Co. Ltd. | China | 296.48 | 5.29 | 7 |
| Sumitomo Mitsui Trust Group Inc. | Japan | 516.80 | 5.25 | -3 |
| Standard Chartered Bank (Singapore) Ltd. | Singapore | 162.70 | 5.09 | 11 |
| China Zheshang Bank Co. Ltd. | China | 538.22 | 5.01 | 2 |
| Sumitomo Mitsui Financial Group Inc. | Japan | 2,066.04 | 5.00 | -1 |
| Westpac Banking Corp. | Australia | 804.75 | 4.98 | -22 |
| Mitsubishi UFJ Financial Group Inc. | Japan | 2,715.21 | 4.94 | -35 |
| National Australia Bank Ltd. | Australia | 784.21 | 4.91 | -11 |
| Mizuho Financial Group Inc. | Japan | 1,900.82 | 4.87 | 10 |
| Australia and New Zealand Banking Group Ltd. | Australia | 902.03 | 4.50 | 10 |
| Commonwealth Bank of Australia | Australia | NA | 4.40 | -30 |
