Indian Economy News

Profit of public sector banks rises 9% to Rs. 15,306 crore (US$ 1.92 billion) in June quarter

  • IBEF
  • August 10, 2022

All the 12 public sector banks earned a combined profit of around Rs. 15,306 crore (US$ 1.92 billion) in the first quarter of FY23, registering a 9.2% growth annually, despite poor showing by large lenders like SBI and PNB.

According to quarterly data released by public sector lenders, state-owned banks made a total profit of Rs. 14,013 crore (US$ 1.76 billion) from April-June of FY22.

Three of the 12 lenders—the State Bank of India (SBI), the Punjab National Bank (PNB), and the Bank of India—reported profit declines ranging from 7-70%. These lenders' declining profits have been ascribed to Mark-to-Market (MTM) losses brought on by rising bond yields.

SBI continued to provide the most to the combined profit of banks, at Rs. 6,068 crore (US$ 763.64 million), despite seeing a decline in its earnings. SBI alone was responsible for nearly 40% of the overall profit.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.