We show that the superconformal index of N = 1 superconformal field theories in four dimensions has an asymptotic growth of states which is exponential in the charges. Our analysis holds in a Cardy-like limit of large charges, for which the index is dominated by small values of chemical potentials. In this limit we find the saddle points of the integral that defines the superconformal index using two different methods. One method, valid for finite N , is to first take the Cardy-like limit and then find the saddle points. The other method is to analyze the saddle points at large N and then take the Cardy-like limit. The result of both analyses is that the asymptotic growth of states of the superconformal index exactly agrees with the Bekenstein-Hawking entropy of supersymmetric black holes in the dual AdS 5 theory.where the prefactor F is related to the supersymmetric Casimir energy [16,17], and I is essentially the Hamiltonian index. More precisely, when the R-symmetry Wilson line has 1 The black hole entropy is also reproduced by n0 = +1, and there is a symmetry between these two choices in that all the equations below can be modified appropriately in order to hold for this choice. 2 The chemical potentials ω1, ω2, ϕ are obtained from a limit of the chemical potentials Ω1, Ω2, Φ. We refer to [1] for details. 3 Specifically, the chemical potentials dual to the angular momenta takes the value Ω * 1,2 = 1 and the potential dual to the R-charge takes the value Φ * = 3 2 as β → ∞ [1].