UBS ON BANKS
• Private banks’ branch expansion creates a structural advantage in deposit mobilisation, supports stronger business banking growth and reinforces market-share gains.
• As cyclical tailwinds for PSU banks fade, private banks are well positioned to gain share in both deposits and credit.
• Current valuations do not fully reflect the structural growth premium.
• ICICI Bank is UBS’ top pick.
• HDFC Bank offers asymmetric upside risk-reward.
September 2, 2026 808 1
