Profit of PSU banks more than doubles to Rs 34,774 Cr in Q 1 of FY 23-24

Last Updated on August 7, 2023 by Brajesh

Profit of PSU banks more than doubles to Rs 34,774 Cr in Q 1 of FY 23-24.

Public Sector Bank Net Profit for Q 1 FY 23-24
Public Sector Bank Net Profit for Q 1 FY 23-24

Public Sector Bank Performance in FY 23-24

Public Sector Banks have once shown an excellent performance in Q1 of FY 23-24. 12 Public Sector Banks in all together have registered a net profit of Rs 34774 Crore, more than double for the first quarter as compared with FY 22-23.

In fiscal year 2022-23 , 12 state owned banks have recorded a net profit of Rs 15306 Cr for Q1 ending June 2022.

All the public sector banks have posted their number for quarter 1 of FY 2023-24. Bank OF Baroda & Punjab & Sind Bank were the last bank to announce their results, which they have done on Saturday 5th August 2023.

11 out of 12 Public Sector Bank has reported growth in their Net Profit except Punjab & Sind Bank , whose bottom line is in stressed due to high provisioning for Q1.

Net Interest Margin

Due to High Interest Income and healthy Net Interest Margin , which was over 3 percent for almost all the banks, a Steller performance is achieved for this fiscal year.

Bank Of Maharashtra posted the highest NIM of 3.86 percent, followed by Central Bank at 3.62 per cent and Indian Bank at 3.61 per cent during the quarter.

Growth over 100 percent in Net Profit

4 lenders have crossed 100 percent growth mark in their Net Profit. Punjab National Bank was the leader accumulating a growth of 307 percent in Net Profit as compared to last year Q1. PNB has posted a net profit of Rs 1255 Cr against 308 Cr in Q1 of FY 22-23

State Bank Of India have posted a growth of 178 percent in net profit which is at Rs 16884 Cr in Q1 of FY 23-24, whereas Bank Of India has posted a net profit of Rs 1551 Cr registering a growth of 176 percent. Union Bank has also recorder a growth of 108 percent registering a net profit of Rs 3236 Cr for Q 1 of FY 23-24.

Public Sector Bank Performance in FY 22-23

Last year was a record breaking year for Public Sector Banks where they had posted a net profit of Rs 1,04,649 crore in 22-23, witnessing a 57 percent growth in total profit against 2021-22.

Click here for last year performance

 

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