HDFC Bank named most valuable brand in India
Zee Media Bureau
New Delhi: Private sector lender HDFC Bank has been named the most valuable brand in India with a net valuation of USD 9.4 billion or Rs 56,400 crore.
The report was released by research agency Millward Brown in and WPP Plc.
This is a first ever branding report under BrandZ Top 50 Most Valuable Indian Brands ranking. The ranking of top 50 come has been segregated under 13 different categories. Seventeen are multi-national corporations (MNCs), 26 are private Indian brands and seven are state-owned brands.
Telecom major Bharti Airtel has been named second in the list while country's largest lender State Bank of India has been named third.
The valuation has been based on consumers' opinion of brands to calculate the contribution that product brands make to business success, WPP said.
The combined brand value of the BrandZ Top 50 Most Valuable Indian Brands is almost USD 70 billion.
HDFC Bank on reported 21.1 percent growth in net profit to Rs. 2,233 crore for the quarter ended June 2014.
The bank had earned a net profit of Rs. 1,844 crore in the April-June quarter of 2013-14, HDFC Bank said in a statement.
The total income of the bank rose to Rs. 13,070.65 crore during the quarter under review, against Rs. 11,588.56 crore in the same period last year.