New Delhi: Public Sector Banks (PSBs) have reported a robust profit growth of 65 per cent to Rs 29,175 crore during the third quarter ended December 2022, with Bank of Maharashtra (BoM) emerging as the top performer in terms of percentage growth in profit Is. The Pune-headquartered lender reported a 139 per cent jump in profit at Rs 775 crore at the end of December 2022, according to the quarterly results announced by PSBs.
BoM was followed by Kolkata-based UCO Bank which posted a profit of Rs 653 crore, up 110 per cent from its earnings in the third quarter of the previous fiscal. Two other lenders whose profit growth was more than 100 per cent were Union Bank of India and Indian Bank. ,Also read: Axis Bank hikes FD rates, effective today – check return calculator,
Mumbai-based Union Bank of India saw a 107 per cent rise in net profit to Rs 2,245 crore, while Chennai-based Indian Bank reported a 102 per cent rise in net profit to Rs 1,396 crore for the October-December period of 2022.Also Read: Wealth Creation Plan: Invest In These SBI Mutual Fund Schemes To Get Strong Profits- Check Return Calculator Here,
All the 12 PSBs cumulatively posted a profit of Rs 29,175 crore in the third quarter of the current financial year, as against Rs 17,729 crore in the same period a year ago, registering a growth of 65 per cent.
For the first nine months of the current financial year, the PSBs have posted a cumulative profit of Rs 70,166 crore as compared to Rs 48,983 crore in the year-ago period, a growth of 43 per cent.
PSBs had posted a cumulative profit of around Rs 15,306 crore in the first quarter, which rose to Rs 25,685 crore in the September quarter and Rs 29,175 crore in the three months to December.
In percentage terms, the growth in the first quarter was 9 per cent compared to the corresponding period of the previous financial year, which rose to 50 per cent in the second quarter and 65 per cent in the third quarter.
With respect to capital adequacy ratio, BoM was highest among PSBs at 17.53 per cent, followed by Canara Bank at 16.72 per cent and Indian Bank at 15.74 per cent as on December 31, 2022.
BoM and State Bank of India (SBI) were in the lowest quartile with respect to gross non-performing assets (NPAs) and net NPAs.
The gross NPAs reported by BoM and SBI stood at 2.94 per cent and 3.14 per cent, respectively, of their total advances as on December 31, 2022. The net NPAs for these lenders came down to 0.47 per cent and 0.77 per cent.