Public Sector Banks Show Strong Performance in December Quarter

Public Sector Banks Show Strong Performance in December Quarter

Asif Iqbal | February 23, 2024 | 06:19 PM IST | Breaking News | Follow on Google News

Public Sector Banks Show Strong Performance in December Quarter….image/ANI

Public Sector Banks Show Strong Performance in December Quarter

Public sector banks in India continued to demonstrate strong financial performance in the December quarter, with a combined profit of 12 PSBs rising by 3.84% to ₹30,297 crore compared to the same period last year. For the first nine months of the fiscal year, PSBs accumulated a profit of ₹98,358 crore, reflecting a year-on-year increase of 40.17%. Punjab National Bank emerged as the top performer with a 253% YoY growth in net profit, followed by Bank of India and Union Bank of India. The robust performance is attributed to higher interest income, lower credit costs, and improved asset quality.

Key Highlights:

• Punjab National Bank: Net profit grew by 253% YoY in Q3, reaching ₹2,223 crore.
• Bank of India: Secured the second position with a net profit growth of over 62% YoY, reaching ₹1,870 crore.
• Union Bank of India: Posted a 60% growth in net profit to ₹3,590 crore in Q3 FY24.
• Central Bank of India: Delivered a 56% YoY rise in Q3 net profit to ₹718 crore.
• Bank of Maharashtra: Net profit grew by 34% to reach ₹1,036 crore in Q3 FY24.

Deposit Growth:

• Bank of Maharashtra recorded the highest growth rate in terms of deposit mobilization among public sector lenders.
• Out of 12 public sector banks, only Bank of Maharashtra and State Bank of India (SBI) achieved double-digit growth in deposits in Q3 2023.

Challenges:

• State Bank of India (SBI) reported a drop in its standalone net profit by 35.50% YoY to ₹9,164 crore, affected by higher wage provisions and soft other income.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.