Bank of Maharashtra Profit: A record of continuous profits is being made by Public Sector Banks (PSBs). In the first quarter of the current financial year 2023-24, public sector banks have earned record profit on an annual basis.
Public sector banks have registered a profit of Rs 34,774 crore more than double. According to the first quarter data released by these banks, during the April-June period of the last financial year, 12 PSU banks had earned a total profit of Rs 15,306 crore.
NIM remained above 3 percent
The higher-interest rate during this period helped the banks earn better net interest margin (NIM). The NIM of most of the banks remained more than 3 percent. Pune-based Bank of Maharashtra had the highest NIM at 3.86 per cent in the first quarter. After this, the NIM of Central Bank was 3.62 percent and that of Indian Bank was 3.61 percent. Four lenders made profit of more than 100 per cent during the period under review.
PNB recorded the highest growth
Punjab National Bank (PNB) registered the highest growth and earned a profit of Rs 1,255 crore, while this bank had a profit of Rs 308 crore in the same quarter of the previous financial year. SBI’s profit has been the highest compared to any quarter so far. It earned a net profit of Rs 16,884 crore, a growth of 178 per cent, which is nearly 50 per cent of the total profit earned by all PSBs.
Another five PSBs registered an increase between 50 and 100 per cent. Among these, Bank of Maharashtra topped, whose net profit increased by 95 percent to Rs 882 crore. After this, the net profit of Bank of Baroda increased by 88 percent to Rs 4,070 crore. UCO Bank’s profit increased by 81 percent to Rs 581 crore. Of the 12 banks, only Delhi-based Punjab and Sind Bank registered a decline in net profit.
