Banking Leadership India January 11, 2021Twenty-six years ago, Aditya Puri took charge of a new bank in Mumbai. Under his leadership, HDFC Bank became the highest-valued financial institution in India and the tenth-most-valuable bank in the world, with a record of market-beating performance. HDFC Bank's total returns to shareholders have exceeded industry averages during the past ten years. Chart summary A line graph shows total returns to shareholders1 since April 2010 for HDFC Bank and for index banks. From 2010 through 2015, HDFC Bank's total returns met or exceeded the index banks' total returns, except for a dip in 2013. From 2015 through 2020, HDFC Bank's total returns consistently exceeded those of the index banks. Total returns to shareholders, April 2010–November 2020: HDFC Bank: 295% S&P 500 Banks: 108% S&P Emerging Asia—Pacific BMI Banks: 68% CAGR, April 2010–November 2020: HDFC Bank: 14% S&P 500 Banks: 7% S&P Emerging Asia—Pacific BMI Banks: 5% Market capitalization of HDFC Bank was $29 billion in 2010, $48 billion in 2015, and $107 billion in 2020. Chart data The line graph compares returns at a weekly interval. The following table samples the line graph data at roughly quarterly intervals. Total returns to shareholders, %, since April 2010 DateHDFC BankS&P 500 BanksS&P Emerging Asia—Pacific BMI Banks April 2010000 July 2010-5-15-2 October 201027-1319 January 201119220 April 201124228 July 201135-622 October 20114-19-11 January 2012-2-6-1 April 20122188 July 20122575 October 2012441812 January 2013481327 April 2013322125 July 2013303614 October 2013223521 January 2014254918 April 2014446320 July 2014686233 October 2014696332 January 2015807447 April 2015996852 July 20151028057 October 2015976524 January 2016916220 April 2016924820 July 20161145231 October 20161347249 January 201711312041 April 201717112158 July 201721413567 October 201723914780 January 201826017393 April 201826116894 July 201828115680 October 201822717374 January 201927212580 April 201930915598 July 2019350165102 October 201932916185 January 2020349217108 April 20201958955 July 20202689877 October 202028811063 November 202029510868 Notes 1Includes dividends as well as price returns. Source: S&P Capital IQ McKinsey & Company To read the interview, see “‘Keep it simple’: Aditya Puri on HDFC Bank’s path to market leadership,” December 14, 2020.