Last year might have been one of the worst on record for the financial sector but not all countries experienced a downturn. Indian banks confounded the downward trend with an average annual increase in 2008 pre-tax profits of 20.4%. Furthermore, not one of the 32 Indian banks in Top 1000 rankings made a loss in 2008. Despite tougher conditions in the global economy, India's banking sector has so far been largely protected from the financial crisis. The large role played by state-owned banks in the country's financial system, strict regulatory controls and the absence of widespread foreign ownership in the banking sector have all helped to keep India largely free from signs of financial contagion.
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