Sector analysis · India
Financial Services sector earnings growth, Q4 FY24
The 20 largest Financial Services companies by market cap at the end of Q4 FY24 (31 Mar 2024), compared with Q4 FY23.
The top 20 at Q4 FY24
Q4 FY24 vs Q4 FY23: combined net profit ₹1,16,354 cr (+33%), median EPS +18% (18 of 19 up), market-cap-weighted price +28%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 17.8% | 11.29 → 11.60 | +3% | +5.3 pp | −10% |
| 2 | ICICI Bank | 12.4% | 14.11 → 16.62 | +18% | +1.9 pp | +25% |
| 3 | State Bank of India | 10.9% | 20.27 → 23.96 | +18% | +3.5 pp | +44% |
| 4 | Life Insurance Corporation Of India | 9.4% | 10.61 → 10.88 | +3% one source | +0.4 pp | +71% |
| 5 | Bajaj Finance Limited | 7.3% | 5.22 → 6.18 | +18% | +0.7 pp | +29% |
| 6 | Kotak Mahindra Bank Limited | 5.7% | 4.60 → 5.37 | +17% | +0.8 pp | +3% |
| 7 | Axis Bank | 5.2% | −17.43 → 24.62 | turned profitable | +13.6 pp | +22% |
| 8 | Bajaj Finserv Limited | 4.2% | 11.11 → 13.28 | +20% | +0.4 pp | +30% |
| 9 | Jio Financial Services Limited | 3.6% | — → 0.49 | — one source | — | — |
| 10 | I R F C | 3.0% | 1.02 → 1.31 | +28% | +0.4 pp | +435% |
| 11 | SBI Life Insurance Company Limited | 2.4% | 7.76 → 8.10 | +4% one source | 0.0 pp | +36% |
| 12 | Punjab National Bank | 2.2% | 1.69 → 3.04 | +80% | +1.6 pp | +167% |
| 13 | Bank of Baroda | 2.2% | 10.16 → 9.92 | −2% | −0.1 pp | +56% |
| 14 | HDFC Life Insurance Company Limited | 2.2% | 1.68 → 1.91 | +14% one source | +0.1 pp | +27% |
| 15 | Power Finance Corporation Limited | 2.1% | 14.17 → 17.04 | +20% | +1.0 pp | +157% |
| 16 | IndusInd Bank Limited | 2.0% | 26.34 → 30.18 | +15% | +0.3 pp | +46% |
| 17 | REC Ltd | 1.9% | 11.64 → 15.49 | +33% | +1.1 pp | +291% |
| 18 | Union Bank of India | 1.9% | 4.11 → 4.36 | +6% | +0.5 pp | +138% |
| 19 | I O B | 1.8% | 0.34 → 0.43 | +26% | +0.2 pp | +167% |
| 20 | Canara Bank | 1.7% | 3.68 → 5.64 | +53% | +1.9 pp | +104% |
| Sector earnings growth | 100% | +33.4 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q3 FY24, as market caps moved.
Joined the top 20 since Q3 FY24
Left the top 20 since Q3 FY24
- Cholamandalam Investment and Finance Company Limited
- Bajaj Holdings & Investment Limited
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% |
| LICI | −50% | +29% | +3% | +10% | −4% | +17% | +38% | +5% | +33% | +17% | +23% | +24% |
| BAJFINANCE | +28% | +20% | +18% | +11% | +10% | +16% | +17% | +20% | +21% | −7% | +22% | +27% |
| 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% |
| IRFC | −9% | −2% | +28% | +2% | +3% | +2% | −2% | +11% | +11% | +10% | outside | outside |
| SBILIFE | +1% | +6% | +4% | +36% | +39% | +71% | 0% | +14% | −7% | +5% | −1% | +22% |
| PNB | +302% | +245% | +80% | +196% | +127% | +89% | +43% | −49% | +9% | +16% | +12% | outside |
| BANKBARODA | +29% | +11% | −2% | +6% | +22% | +9% | +6% | −27% | −4% | +4% | +4% | −49% |
| HDFCLIFE | +14% | +16% | +14% | +15% | +15% | +14% | +16% | +14% | +3% | +1% | +5% | +11% |
| PFC | +68% | −9% | +20% | +21% | −20% | +22% | +12% | +62% | +8% | outside | +11% | −22% |
| INDUSINDBK | +22% | +17% | +15% | +2% | outside | outside | outside | outside | outside | outside | outside | outside |
| RECLTD | outside | +13% | +33% | +17% | +7% | +23% | +6% | outside | outside | outside | outside | outside |
| UNIONBANK | outside | +48% | +6% | outside | outside | outside | outside | +22% | outside | outside | +10% | +27% |
| IOB | +22% | outside | +26% | +27% | outside | outside | outside | outside | outside | outside | outside | outside |
| CANBK | outside | outside | +53% | outside | outside | outside | outside | outside | outside | +25% | outside | outside |