India's largest banks on a lending spree with doubled unconsolidated loans

It's happening amid a growing economy.

Total unconsolidated loans at the six largest Indian banks by total assets as of the end of fiscal 2014 have more than doubled to 29.633 trillion Indian rupees as of June 30, compared to 14.690 trillion rupees in 2010.

According to a research note from SNL Financial, in this growth trajectory, India's largest private sector banks have outgrown most of their state-owned peers in terms of financial and stock performance.

The only two private sector banks in the group, Mumbai-based HDFC Bank Ltd. and ICICI Bank Ltd., recorded total returns of 199% and 118%, respectively, in the last five years, as of Aug. 11.

Here's more from SNL Financial:

This compares to Mumbai-based State Bank of India's 51%, Bank of India's negative 2% and New Delhi-based Punjab National Bank's 54% during the same period.

The only state-owned bank stock to fare well is Vadodara-based Bank of Baroda, with a five-year total return of 139%.

The SNL Asia-Pacific Bank Index saw a return of 56% in the said period.

Among the top six, ICICI Bank also has the highest unconsolidated loan-to-deposit ratio of 103.4%, while HDFC Bank recorded the highest lending growth of 148% on an unconsolidated basis in the last five years.

HDFC Bank also stands out in the group because of its asset quality and profitability.

Its unconsolidated nonperforming assets ratio of 1.08% and return on average unconsolidated assets ratio of 1.82% were the best in the group in the quarter ended June 30.