Sector analysis · India
Financial Services sector earnings growth, Q2 FY24
The 20 largest Financial Services companies by market cap at the end of Q2 FY24 (30 Sep 2023), compared with Q2 FY23.
The top 20 at Q2 FY24
Q2 FY24 vs Q2 FY23: combined net profit ₹89,200 cr (+14%), median EPS +22% (17 of 19 up), market-cap-weighted price +12%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 21.4% | 9.99 → 11.09 | +11% | +7.3 pp | +7% |
| 2 | ICICI Bank | 12.3% | 11.49 → 15.56 | +35% | +3.7 pp | +10% |
| 3 | State Bank of India | 9.9% | 16.53 → 18.04 | +9% | +1.7 pp | +13% |
| 4 | Bajaj Finance Limited | 8.7% | 4.59 → 5.86 | +28% | +1.0 pp | +6% |
| 5 | Life Insurance Corporation Of India | 7.6% | 12.53 → 6.26 | −50% one source | −10.2 pp | +5% |
| 6 | Kotak Mahindra Bank Limited | 6.4% | 3.63 → 4.49 | +24% | +1.1 pp | −5% |
| 7 | Axis Bank | 5.9% | 18.27 → 20.13 | +10% | +0.8 pp | +41% |
| 8 | Bajaj Finserv Limited | 4.5% | 9.77 → 12.09 | +24% | +0.5 pp | −8% |
| 9 | Jio Financial Services Limited | 2.7% | — → 1.05 | — one source | — | — |
| 10 | HDFC Life Insurance Company Limited | 2.5% | 1.53 → 1.75 | +14% one source | +0.1 pp | +20% |
| 11 | SBI Life Insurance Company Limited | 2.4% | 3.76 → 3.80 | +1% one source | 0.0 pp | +4% |
| 12 | IndusInd Bank Limited | 2.1% | 23.29 → 28.34 | +22% | +0.5 pp | +21% |
| 13 | Bank of Baroda | 2.0% | 6.58 → 8.50 | +29% | +1.3 pp | +62% |
| 14 | Cholamandalam Investment and Finance Company Limited | 1.9% | 6.85 → 9.40 | +37% | +0.3 pp | +66% |
| 15 | I R F C | 1.9% | 1.31 → 1.19 | −9% | −0.2 pp | +260% |
| 16 | I O B | 1.6% | 0.27 → 0.33 | +22% | +0.2 pp | +167% |
| 17 | Punjab National Bank | 1.6% | 0.45 → 1.81 | +302% | +1.9 pp | +119% |
| 18 | Power Finance Corporation Limited | 1.5% | 11.92 → 20.08 | +68% | +3.5 pp | +141% |
| 19 | ICICI Prudential Life Insurance Company Limited | 1.5% | 1.39 → 1.69 | +22% one source | +0.1 pp | +8% |
| 20 | Bajaj Holdings & Investment Limited | 1.5% | 111.67 → 133.98 | +20% | +0.3 pp | +11% |
| Sector earnings growth | 100% | +13.7 pp |
Who joined and who left
0 joined and 0 left the top 20 since the previous quarter, as market caps moved.
Joined the top 20 since the previous quarter
Left the top 20 since the previous quarter
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth year on year, 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 | +11% | 0% | +3% | −2% | +5% | +1% | +6% | −2% | +9% | +12% | +7% | +18% |
| ICICIBANK | +35% | +25% | +18% | +9% | +18% | +16% | +14% | +14% | +2% | −4% | +9% | +13% |
| SBIN | +9% | −28% | +18% | +4% | +23% | +70% | −8% | +10% | +3% | +9% | −3% | +10% |
| BAJFINANCE | +28% | +20% | +18% | +11% | +10% | +16% | +17% | +20% | +21% | −7% | +22% | +27% |
| LICI | −50% | +29% | +3% | +10% | −4% | +17% | +38% | +5% | +33% | +17% | +23% | +24% |
| KOTAKBANK | +24% | +7% | +17% | +79% | +13% | +10% | −8% | −40% | −11% | +5% | +10% | +22% |
| AXISBANK | +10% | +5% | turned profitable | +5% | +19% | +3% | −2% | −3% | −26% | +4% | +1% | +22% |
| BAJAJFINSV | +24% | +21% | +20% | +10% | +8% | +3% | +14% | +30% | +7% | 0% | +5% | +12% |
| JIOFIN | — | — | — | — | +3% | 0% | +2% | +4% | +1% | −9% | −14% | +147% |
| HDFCLIFE | +14% | +16% | +14% | +15% | +15% | +14% | +16% | +14% | +3% | +1% | +5% | +11% |
| SBILIFE | +1% | +6% | +4% | +36% | +39% | +71% | 0% | +14% | −7% | +5% | −1% | +22% |
| INDUSINDBK | +22% | +17% | +15% | +2% | outside | outside | outside | outside | outside | outside | outside | outside |
| BANKBARODA | +29% | +11% | −2% | +6% | +22% | +9% | +6% | −27% | −4% | +4% | +4% | −49% |
| CHOLAFIN | +37% | +25% | outside | +31% | +23% | +25% | +18% | +20% | +20% | +18% | +29% | +44% |
| IRFC | −9% | −2% | +28% | +2% | +3% | +2% | −2% | +11% | +11% | +10% | outside | outside |
| IOB | +22% | outside | +26% | +27% | outside | outside | outside | outside | outside | outside | outside | outside |
| PNB | +302% | +245% | +80% | +196% | +127% | +89% | +43% | −49% | +9% | +16% | +12% | outside |
| PFC | +68% | −9% | +20% | +21% | −20% | +22% | +12% | +62% | +8% | outside | +11% | −22% |
| ICICIPRULI | +22% | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside |
| BAJAJHLDNG | +20% | +28% | outside | outside | −4% | +6% | −36% | +116% | +9% | outside | outside | outside |