Summary
India's largest banks closed FY-2023 with broad-based gains across revenue, profitability, and asset quality, continuing a recovery cycle shaped by rising interest rates, robust credit demand, and India's GDP expansion. Net revenue, net profit, fee income, net interest margin, non-performing loans, cost efficiency, and loan book growth mark the comparison across the country's top eight banks, including State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Bank of Baroda, Canara Bank, and IndusInd Bank.
Revenue growth was driven by a mix of higher net interest income, deposit mobilization, and lending expansion, while individual banks pursued different strategies, from strengthening corporate and SME loan books to deepening digital cross-sell. Profitability improved across nearly all institutions, aided by better asset quality and more efficient capital deployment, though the pace of improvement varied meaningfully bank to bank.
Fee-based income evolved as banks diversified beyond core lending, and loan portfolios expanded amid India's credit growth cycle. Individual banks led on different metrics, with strategic choices explaining much of the gap between top and bottom performers.
- Net interest margin and non-performing loan trends across eight major banks
- Fee income growth by institution
- Loan portfolio and deposit growth benchmarking
Which Indian banks converted the credit growth cycle into the strongest gains in profitability and asset quality?
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