Sector analysis · India
Financial Services sector earnings growth, Q3 FY24
The 20 largest Financial Services companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q2 FY24.
The top 20 at Q3 FY24
Q3 FY24 vs Q2 FY24: combined net profit ₹91,697 cr (−4%), median EPS +2% (13 of 20 up), market-cap-weighted price +9%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 21.8% | 11.09 → 11.37 | +3% | +0.5 pp | +12% |
| 2 | ICICI Bank | 11.7% | 15.56 → 15.76 | +1% | +0.2 pp | +5% |
| 3 | State Bank of India | 9.6% | 18.04 → 12.40 | −31% one-off | −5.3 pp | +7% |
| 4 | Life Insurance Corporation Of India | 8.8% | 6.26 → 7.47 | +19% one source | +1.6 pp | +28% |
| 5 | Bajaj Finance Limited | 7.6% | 5.86 → 5.89 | +1% | +0.1 pp | −6% |
| 6 | Kotak Mahindra Bank Limited | 6.4% | 4.49 → 4.29 | −4% | −0.2 pp | +10% |
| 7 | Axis Bank | 5.7% | 20.13 → 21.05 | +5% | +0.3 pp | +6% |
| 8 | Bajaj Finserv Limited | 4.5% | 12.09 → 13.52 | +12% | +0.2 pp | +9% |
| 9 | Jio Financial Services Limited | 2.5% | 1.05 → 0.46 | −56% one source | −0.4 pp | +1% |
| 10 | SBI Life Insurance Company Limited | 2.4% | 3.80 → 3.21 | −16% one source | −0.1 pp | +10% |
| 11 | HDFC Life Insurance Company Limited | 2.3% | 1.75 → 1.70 | −3% one source | 0.0 pp | +1% |
| 12 | I R F C | 2.2% | 1.19 → 1.23 | +3% | +0.1 pp | +30% |
| 13 | Power Finance Corporation Limited | 2.1% | 20.08 → 14.45 | −28% | −1.9 pp | +52% |
| 14 | IndusInd Bank Limited | 2.1% | 28.34 → 29.59 | +4% | +0.1 pp | +12% |
| 15 | Bank of Baroda | 2.0% | 8.50 → 9.26 | +9% | +0.4 pp | +8% |
| 16 | REC Ltd | 1.8% | 14.39 → 12.56 | −13% | −0.5 pp | +44% |
| 17 | Cholamandalam Investment and Finance Company Limited | 1.8% | 9.40 → 10.39 | +11% | +0.1 pp | +3% |
| 18 | Punjab National Bank | 1.8% | 1.81 → 2.21 | +22% | +0.5 pp | +19% |
| 19 | Union Bank of India | 1.4% | 4.82 → 4.89 | +1% | +0.1 pp | +12% |
| 20 | Bajaj Holdings & Investment Limited | 1.4% | 133.98 → 147.76 | +10% | +0.2 pp | +8% |
| Sector earnings growth | 100% | −4.2 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q2 FY24, as market caps moved.
Joined the top 20 since Q2 FY24
Left the top 20 since Q2 FY24
- I O B
- ICICI Prudential Life Insurance Company Limited
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth quarter on quarter, every quarter it was in the top 20.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFCBANK | 0% | +3% | +2% | −7% | +8% | −1% | +7% | −14% | +20% | +1% | +3% | −5% |
| ICICIBANK | +2% | +1% | +5% | 0% | +11% | −1% | +4% | 0% | −2% | −6% | +18% | +4% |
| SBIN | −13% | −31% | +93% | −10% | +2% | −5% | +4% | +8% | −4% | +1% | −8% | +23% |
| LICI | −17% | +19% | +46% | −24% | −27% | +45% | +72% | −42% | −8% | +28% | +82% | −42% |
| BAJFINANCE | +3% | +1% | +5% | +2% | +2% | +6% | +5% | +5% | +4% | −18% | +37% | +9% |
| KOTAKBANK | +7% | −4% | +25% | +39% | −32% | −7% | +5% | −9% | 0% | +10% | +10% | +1% |
| AXISBANK | +2% | +5% | +17% | −15% | +15% | −9% | +11% | −17% | −11% | +27% | +8% | 0% |
| BAJAJFINSV | −1% | +12% | −2% | +1% | −2% | +7% | +8% | +15% | −20% | −1% | +14% | +23% |
| JIOFIN | — | −56% | +7% | 0% | +120% | −57% | +9% | +2% | +114% | −61% | +2% | +193% |
| SBILIFE | 0% | −16% | +152% | −36% | +2% | +4% | +48% | −27% | −17% | +17% | +39% | −10% |
| HDFCLIFE | −9% | −3% | +12% | +16% | −9% | −4% | +15% | +15% | −18% | −7% | +19% | +22% |
| IRFC | 0% | +3% | +7% | −8% | +2% | +2% | +3% | +4% | +1% | +1% | outside | outside |
| PFC | +45% | −28% | +18% | −1% | −4% | +10% | +8% | +42% | −36% | outside | +11% | 0% |
| INDUSINDBK | +4% | +4% | +2% | −8% | outside | outside | outside | outside | outside | outside | outside | outside |
| BANKBARODA | −1% | +9% | +7% | −8% | +13% | −3% | +4% | −36% | +48% | +6% | +4% | −68% |
| RECLTD | outside | −13% | +23% | −15% | +17% | +1% | +6% | outside | outside | outside | outside | outside |
| CHOLAFIN | +9% | +11% | outside | −11% | +2% | +12% | +16% | −10% | +2% | +11% | +26% | +1% |
| PNB | +48% | +22% | +38% | +19% | +14% | +2% | +4% | −58% | +142% | +8% | +1% | outside |
| UNIONBANK | outside | +1% | −11% | outside | outside | outside | outside | −12% | outside | outside | +8% | +2% |
| BAJAJHLDNG | +5% | +10% | outside | outside | −11% | +22% | −1% | +102% | −55% | outside | outside | outside |