Private sector lender ICICI Bank on Friday claimed that it continues to be the second largest bank in the country in terms of total assets, which it described as a "relevant" measure for ranking.

The statement came in the wake of state-run Punjab National Bank declaring its total business, comprising total deposits and loans, worth over Rs 4350 billion (Rs 4,35,000 crore) for fiscal 2009-10, which is higher than the total business of ICICI Bank at Rs 3832.23 billion (Rs 3,83,223 crore) for the same fiscal.

"ICICI Bank continues to be the second largest bank in the country by assets. The total book-size of the bank at March 31, 2010, was Rs 3634 billion (Rs 3,63,400 crore)," ICICI Bank spokesperson Rahul Virkar said in a statement.

The total assets of state-run Punjab National Bank is Rs 2966.43 billion (Rs 2,96,643 crore), ICICI Bank said in the statement. "In terms of balance sheet size, ICICI Bank is larger, since banks extend loans as well as make investments. Hence, for defining 'second largest lender' it is assets which are relevant (rather than advances and deposits)," ICICI said.