All the 12 public sector banks earned a cumulative profit of about ₹15,306 crore, registering a 9.2% growth annually, despite poor showing by large lenders like SBI and PNB. During the April-June period of the previous fiscal, state-owned banks recorded a total profit of ₹14,013 crore, according to quarterly numbers published by public sector lenders.
Of the total 12, three lenders – State Bank of India (SBI), Punjab National Bank (PNB) and Bank of India– reported fall in profits ranging from 7-70%.
Decline in profit by these lenders has been attributed to Mark-to-Market (MTM) losses due to hardening bond yields.
Nine lenders have recorded profit ranging from 3-117% during the first quarter of FY23. The highest percentage growth was recorded by Bank of Maharashtra which earned a profit of ₹452 crore against ₹208 crore in the year-ago period. It was followed by Bank of Baroda which recorded a 79% bottom line growth at ₹2,168 crore compared to ₹1,209 crore a year ago.
Source: Economic Times