Government Bank Annual Profit: There is good news for crores of customers of the country having bank accounts. If you also have a bank account, then a good news has come for you too.
Government Bank Annual Profit: There is good news for crores of customers of the country having bank accounts. If you also have a bank account, then a good news has come for you too. Explain that with the good performance of the banks in the March quarter, the profit record of public sector banks (PSUs) is expected to reach one lakh crore rupees in the ended financial year. With the reduction in the number of bad loans and increase in loans, the performance of public sector banks can go to a new height.
SBI distributes maximum profit
A senior bank official believes that the country’s largest lender State Bank of India (SBI) can earn a profit of over Rs 40,000 crore in the financial year ending March 2023. In the first nine months of the financial year 2022-23, SBI had made a total profit of Rs 33,538 crore, which is more than Rs 31,675.98 crore in the same period a year ago.
Similarly, other public sector banks are also likely to achieve good results on the basis of decline in non-performing assets (NPAs), loan growth in double digits and rising interest rates . In the first nine months of the financial year 2022-23, all 12 public sector banks had earned a total profit of Rs 70,166 crore, which is 43 percent higher than Rs 48,983 crore in the same period a year ago.
The same profit will continue in the fourth quarter as wellÂ
Swaroop Kumar Saha, Managing Director of Punjab and Sindh Bank told PTI that this trend will continue in the fourth quarter as well. There is every possibility that public sector banks will earn around Rs 30,000 crore in the fourth quarter. In this way, the total profit of these banks in the financial year 2022-23 will be around one lakh crore rupees.
PSU Bank profit in the first quarter
Public sector banks had earned a total profit of about Rs 15,306 crore in the first quarter, which increased to Rs 25,685 crore in the second quarter and Rs 29,175 crore in the third quarter. Except for Punjab National Bank (PNB), all other public sector banks had registered an increase in net profit in the December quarter.
How much bad debt is left?
PNB’s net profit declined by 44 per cent to Rs 628 crore in the October-December 2022 quarter due to higher provisioning for bad loans. During this period, SBI registered the highest net profit of Rs 14,205 crore with a growth of 68 percent
. However, Saha admitted that rising deposit rates and decline in current accounts and savings accounts would put pressure on the net interest margin of all banks. He said that most of the banks have registered good credit growth in the fourth quarter despite rising interest rates.
How much was the profit of private banks
Brokerage firm MK Global Financial Services Limited has said in its research report that PSBs’ financial provisioning for bad loans is likely to decrease on a quarter-to-quarter basis. This may come down due to reduction in NPAs and the pending financial provisions being made to a large extent. As far as private sector banks are concerned, their profit in the third quarter increased by 33 percent to Rs 36,512 crore as compared to a year ago. Except for Bandhan Bank and Yes Bank, the net profit of all other private banks increased in the third quarter.
