I agree with @Ketan_Chheda
I don’t see any reason why are we even comparing banks of a fully developed country (which is on the edge of recession) with a bank of a growing country where recession chances are almost zero.
Pardon me in advance, if I go by this logic, I won’t be able to invest in India as almost everything is expensive if compared to their peers in foreign developed countries 
Even if we compare HDFC with foreign banks, it indirectly means HDFC will have more space to grow in other countries.
Last 5 years avg PE of HDFC is 23.7 but currently, it is at its lowest PE i.e 16.8. It means profit has grown a lot but the price is not moving. We might see something close to the next ITC here.
Disc: Invested
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