Profit of Indian public sector banks surged by 40% in first nine months of FY24; check top performing lenders
₹30,297 crore as compared to ₹29,175 crore recorded in the same period last year. For the first nine months of the current financial year, PSBs have earned a cumulative profit of ₹98,358 crore as compared to ₹70,166 crore in the year-ago period, an increase of 40.17%. In Q1 and Q2 of the current fiscal year, public sector banks earned a cumulative profit of about ₹34,418 crore and ₹33,643 crore, respectively.
Punjab National Bank emerged as the top performer in terms of percentage growth in profit as the net profit of the bank grew by 253% YoY in Q3 to ₹2,223 crore. This was the highest profit in the last 15 quarters, driven by higher interest income and improved asset quality. Also Read: Multibagger: Kernex Microsystems delivered over 100% return for 3 straight years Bank of India secured the second position with a net profit growth of over 62% YoY, reaching ₹1,870 crore, on account of the decline in bad loans.
Union Bank of India followed closely, posting a 60% growth in the net profit to ₹3,590 crore in Q3 FY24, as compared to a profit of ₹2,245 crore in the December quarter of FY23. Its other income jumped up sharply by 15.37% YoY to ₹3,774 crore. Also Read: RIL share price hits record high; market cap tops ₹20 lakh crore for first time; what should investors do? Likewise, Central Bank of India delivered a 56% YoY rise in Q3 net profit to ₹718 crore as compared to a net profit of ₹458 crore in Q3 FY23.
Bank of Maharashtra also posted a healthy performance in Q3 FY24, with its net profit growing 34% to reach ₹1,036 crore. During the same period of the last year, the bank recorded a net profit of ₹775 crore. The bank recorded the highest growth rate in terms of deposit mobilisation among public sector lenders at a time
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