Mumbai: Country's second largest private sector HDFC Bank has been considered as the strongest bank in Asia Pacific by the Asian Banker magazine.

The bank won this award, beating more than 50 banks across 13 countries in the Asia Pacific region, the bank said in a statement.

The top 10 has three banks each from India and China, two from Hong Kong, and one each from Singapore and Australia, according to the magazine.

Banks were rigorously estimated on the six parameters of scale of assets, balance sheet growth of net loans and deposits, risk management of the banks' operations, profitability and its sustainability, strength and credibility of loans disbursed and liquidity of assets to meet negative events requiring cash outflow, it said.

Accepting the award HDFC Bank Managing Director Aditya Puri said, "In our industry, to be recognised as a strong bank is always an honour.

To emerge as the strongest bank amongst a peer group of all banks in the Asia Pacific region, including some of the largest banks in the world makes the recognition particularly special".

(Agencies)