Profit of Indian public sector banks jumps 31% to ₹33,643 crore in Q2; PNB tops list
₹33,643 crore as compared to ₹25,684 crore recorded in the same period of last year. Looking at the H1FY24 performance, the 12 PSU lenders posted a net profit of ₹68,061 crore, an increase of 66% over H1FY23's net profit of ₹40,991 crore. Leading the pack is Punjab National Bank, which has demonstrated the highest net profit growth in Q2FY24.
On October 26, the bank reported a 327% YoY rise in its net profit to ₹1,756 crore for Q2FY24. In the same quarter of last year, the bank reported a net profit of ₹411 crore. During the preceding June quarter (Q1FY24), the bank recorded a net profit of ₹1,255 crore.
The bank's provisions dropped 29.8% YoY to ₹3,444 crore in Q2FY24. Also Read: ICICI Bank stock check: Is now a good time to buy the private sector lender's shares? Central Bank of India secured the second position with a net profit growth of over 90%, attributed to improvements in asset quality. The bank reported its highest-ever quarterly net profit of ₹605 crore in Q2FY24, compared to a net profit of ₹318 crore in Q2FY23.
The gross NPA ratio of the bank dropped to 4.62% in Q2FY24 from 9.67% in Q2FY23, while the net NPA ratio stood at 1.64% in Q2FY24, down from 2.95% in Q2FY23. Union Bank of India followed closely, posting a 90% growth in net profit to ₹3,511 crore in Q2FY24, as compared to a profit of ₹1,847.7 crore in the September quarter of FY 2022-23. The bank's net interest income (NII) improved by 28.88% to reach ₹2,432 crore in Q2FY24, compared to ₹1,887 crore in the same period a year ago.
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