There is excellent news for the millions of bank account holders in the nation. If you have a bank account in SBI, there is good news for you as well. The public sector banks’ (PSUs’) profit record is anticipated to hit one lakh crore rupees in the just-ended fiscal year due to the bank’s strong performance in the March quarter. The performance of public sector banks can reach a new level with the decrease in the number of bad loans and the increase in loans.
SBI shares its largest profit.
The largest lender in the nation, State Bank of India (SBI), can make a profit of over Rs 40,000 crore in the fiscal year that ends in March 2023, according to a senior bank official. SBI achieved a total profit of Rs 33,538 crore in the first nine months of the fiscal year 2022–23, which is higher than Rs 31,675.98 crore at the same time last year.
Other public sector banks are also anticipated
to do well as a result of declining non-performing assets (NPAs), double-digit loan growth, and rising interest rates. All 12 public sector banks reported a combined profit of Rs 70,166 crore through the first nine months of the fiscal year 2022–23, up 43% from Rs 48,983 crore through the same time last year.
The fourth quarter will also bring in the same profit.
The managing director of Punjab and Sindh Bank, Swaroop Kumar Saha, told PTI that this tendency would continue in the fourth quarter. Public sector banks could very well make approximately Rs 30,000 crore in the fourth quarter. In this manner, these banks’ combined profit for the fiscal year 2022–2023 will be close to one lakh crore rupees.
PSU Bank’s first-quarter earnings
A total profit of roughly Rs 15,306 crore was made by public sector banks in the first quarter. This profit climbed to Rs 25,685 crore in the second quarter and Rs 29,175 crore in the third quarter.
How much more debt remains?
Due to increasing bad loan provisions, PNB’s net profit fell by 44% to Rs 628 crore in the October-December 2022 quarter. SBI recorded the greatest net profit during this time, at Rs 14,205 crore, an increase of 68 percent. Nonetheless, Saha acknowledged that the net interest margin of all banks would be under pressure due to higher deposit rates and a reduction in current and savings accounts. He said that despite higher interest rates, the majority of banks saw positive credit growth in the fourth quarter.
What percentage of private banks made a profit?
According to a study report from the brokerage firm MK Global Financial Services Limited, the financial provisioning for bad loans made by PSBs is projected to go down from quarter to quarter. This could decrease as a result of a decrease in NPAs and the substantial completion of outstanding financial provisions. In terms of private sector banks, their profit climbed by 33% to Rs 36,512 crore in the third quarter compared to the same period last year. Every other private bank’s net profit increased in the third quarter with the exception of Bandhan Bank and Yes Bank.
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