Adani Enterp. 2633.70↑307.60(13.22%)
Adani Ports 734.05↑4.35(0.60%)
Apollo Hospitals 4550.40↓-54.90(-1.19%)
Asian Paints 3120.60↑35.70(1.16%)
Axis Bank 916.15↓-1.40(-0.15%)
B P C L 366.60↑5.00(1.38%)
Bajaj Auto 4498.10↓-25.15(-0.56%)
Bajaj Finance 6780.55↓-12.50(-0.18%)
Bajaj Finserv 1437.25↑24.25(1.72%)
Bharti Airtel 799.95↓-1.90(-0.24%)
Britannia Inds. 4521.65↑22.70(0.50%)
Cipla 930.40↑5.45(0.59%)
Coal India 239.30↑0.60(0.25%)
Divi's Lab. 3385.80↑120.80(3.70%)
Dr Reddy's Labs 4460.55↑2.90(0.07%)
Eicher Motors 3601.60↑56.15(1.58%)
Grasim Inds 1697.95↓-20.40(-1.19%)
H D F C 2705.85↑1.10(0.04%)
HCL Technologies 1107.35↓-12.50(-1.12%)
HDFC Bank 1637.20↓-3.85(-0.23%)
HDFC Life Insur. 562.70↓-4.30(-0.76%)
Hero Motocorp 2710.45↑18.30(0.68%)
Hind. Unilever 2628.30↓-9.80(-0.37%)
Hindalco Inds. 410.30↑2.60(0.64%)
ICICI Bank 953.40↑3.05(0.32%)
IndusInd Bank 1260.20↑14.05(1.13%)
Infosys 1300.05↑7.25(0.56%)
ITC 429.15↑4.40(1.04%)
JSW Steel 704.10↓-0.50(-0.07%)
Kotak Mah. Bank 1921.50↓-18.70(-0.96%)
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M & M 1268.55↑3.00(0.24%)
Maruti Suzuki 9200.70↑44.05(0.48%)
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NTPC 174.15↑0.05(0.03%)
O N G C 165.00↓-0.60(-0.36%)
Power Grid Corpn 234.10↓-0.25(-0.11%)
Reliance Industr 2454.55↓-0.45(-0.02%)
SBI Life Insuran 1165.60↑14.80(1.29%)
St Bk of India 581.60↑4.45(0.77%)
Sun Pharma.Inds. 931.60↓-5.85(-0.62%)
Tata Consumer 770.05↑3.95(0.52%)
Tata Motors 528.50↑6.00(1.15%)
Tata Steel 105.60↑0.60(0.57%)
TCS 3297.05↓-1.65(-0.05%)
Tech Mahindra 1090.50↓-13.95(-1.26%)
Titan Company 2683.45↓-29.10(-1.07%)
UltraTech Cem. 7654.25↓-61.40(-0.80%)
UPL 680.65↑10.25(1.53%)
Wipro 397.65↑1.90(0.48%)

Banks shine brightest in otherwise pale FY23 for India Inc, shows data

The share of their net profit in India's GVA hit a record high of 1%

Krishna Kant Mumbai

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4 min read Last Updated : May 23 2023 | 10:47 PM IST

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The banking sector emerged as an outlier when the rest of India Inc witnessed a slowdown in earnings in FY23. The combined net profit of listed public and private sector banks was up 39.4 per cent year-on-year (YoY) last financial year and their share in India’s gross value added (GVA) or gross domestic product (GDP) at factor cost rose to a record high of nearly 1 per cent up, from 0.8 per cent a year ago.

Listed banks’ combined net profit grew to Rs 2.36 trillion in FY23, from Rs 1.69 trillion a year ago. In comparison, India GVA at current prices was up 15.2 per cent YoY at Rs 247 trillion in FY23; it was around Rs 214 trillion a year ago.

GVA is the value of all goods & services produced in an economy, excluding subsidies and indirect taxes such as goods & services tax (GST) that distort market prices of goods & services. Total indirect taxes net of subsidies was up 22.9 per cent YoY in FY23, resulting in much faster growth in G