Government Banks reported Rs.30,297 crore profit this quarter, Check Bank Wise Profit Data

Public sector banks (PSBs) play an important role in shaping the Indian economy. These government banks provide service to almost every corner of the country and citizens trust these banks with their money. Public Sector Banks in India have reported record profit for December 23-24 Quarter and shown positive results in the December quarter due to various factors like increased interest income, reduced credit costs, and better asset quality.

Public Sector Banks Profit Growth:

Combined profit of 12 Indian PSBs increased by 3.84% to ₹30,297 crore in Q3 FY24 compared to ₹29,175 crore in the same period last year.

For the first nine months of the current financial year, PSBs earned a cumulative profit of ₹98,358 crore, marking a significant 40.17% increase from the year-ago period.

In Q1 and Q2 of the current fiscal year, PSBs earned cumulative profits of around ₹34,418 crore and ₹33,643 crore, respectively.

Top Performers:

1. Punjab National Bank (PNB): Recorded a 253% YoY growth in net profit to ₹2,223 crore, driven by higher interest income and improved asset quality.
2. Bank of India: Achieved a net profit growth of over 62% YoY, reaching ₹1,870 crore, due to a reduction in bad loans.
3. Union Bank of India: Posted a 60% growth in net profit to ₹3,590 crore in Q3 FY24, with a significant rise in other income to ₹3,774 crore.
4. Central Bank of India: Witnessed a 56% YoY rise in Q3 net profit to ₹718 crore.
5. Bank of Maharashtra: Registered a healthy 34% increase in net profit to ₹1,036 crore.

Deposit Growth:

• Bank of Maharashtra recorded the highest growth rate in deposit mobilization among PSBs.
• Only Bank of Maharashtra and State Bank of India (SBI) achieved double-digit growth in deposits in the third quarter ended December 2023.

Other Performance Metrics:

• Indian Overseas Bank, Canara Bank, and Bank of Baroda recorded year-on-year growth rates of 30.27%, 27%, and 19%, respectively, in their standalone net profits.

Decline in Profit:

• SBI reported a 35.50% YoY drop in standalone net profit to ₹9,164 crore, primarily due to higher wage provisions and soft other income.
• Punjab & Sind Bank and UCO Bank also experienced declines in standalone net profit, with drops of 69% and 23%, respectively, year-on-year.