Difference between HDFC Bank and ICICI Bank
HDFC and ICICI are major financial and banking services organisations in India. HDFC stands for Housing Development Finance Corporation and ICICI is the Industrial Credit and Investment Corporation of India. It was in the 1990’s that the government of India decided upon a policy of liberalisation under the leadership of Narsimha Rao. This policy allowed private banks to become established in India although small in number. The first among these banks was Global Trust Bank after which various others like Axis Bank, HDFC Bank and ICICI Bank emerged. This gave a boost to the banking sector in India.
HDFC Bank was established in 1994 by India’s largest housing finance company – Housing Development Finance Corporation Ltd. In January 1995, it started operating as a scheduled commercial bank. HDFC Bank merged with Times Bank Limited in 2000 and this was the first private bank merger in India. HDFC bank also acquired Centurion Bank of Punjab in 2008. ICICI bank was basically setup with the objective of providing middle and long term financing to businesses in India. Some Indian industries, government of India and the World Bank took advantage of this initiative.
Both banks provide services like investment banking, commercial banking, retail banking, private banking, asset management, mortgages and credit cards, etc. ICICI bank had revenues of59,599.77 crore in 2009 with an operating income of6578.64 crore in 2010. Its profit in 2010 was 4843.41 crore. Its total assets valued US$ 100.10 billion in 2010.
HDFC bank had revenue of20,266.99 crore in 2010 with an operating income of 4419.01 crore (2010). Its profit in 2010 was3032.92 crore. Its total assets valued US$ 39.723 billion in 2010. It has a total equity of 25158.15 crore (2010).
HDFC Bank has 1,725 branches and more than four thousand ATM machines installed in over seven hundred cities in India. All branches of the bank are linked in an online real-time basis. ICICI bank is the third largest bank in India and as far as market capitalization is concerned, and it is the largest private sector bank in India. The bank has a network of 2,016 branches (31 March 2010) and more than five thousand ATM machines serving its customers in India. It is present in eighteen countries and serves about twenty four million customers throughout the world. (As estimated from July 2007)
Similarities and Differences
- HDFC stands for Housing development finance Corporation.
- HDFC Bank was established in 1994 by India’s largest housing finance company- HDFC Ltd.
- In January 1995 it started operating as a scheduled commercial Bank.
- Revenue of 20,266.99 crore and profit of 3032.92 crore (2010).
- HDFC Bank has 1,725 branches and more than four thousand ATM machines installed, in over seven hundred cities in India.
- ICICI is Industrial credit and Investment Corporation of India.
- ICICI bank was setup with an objective of providing middle and long term financing to businesses in India.
- ICICI bank is the third largest bank in India.
- The bank has a network of 2,016 branches (31 March 2010) and more than five thousand ATM machines in India.