This Govt Bank's Profit Increase By 139% In Last 90 Days! PSU Banks Post Rs 29,175 Cr Profits


Rohit Kulkarni

Rohit Kulkarni

Feb 16, 2023


For the third quarter that ended in December 2022, public sector banks saw a strong 65% increase in profit to Rs 29,175 crore, with Bank of Maharashtra emerging as the top performer in terms of profit growth percentage. 

This Govt Bank's Profit Increase By 139% In Last 90 Days! PSU Banks Post Rs 29,175 Cr Profits

Quarterly results declared by the PSBs:

According to the quarterly results released by the PSBs, the lender with its headquarters in Pune saw a 139% increase in profit to Rs 775 crore at the end of December 2022.

BoM was followed by UCO Bank, a bank with its headquarters in Kolkata, which reported a profit of Rs. 653 crores, or 110% more than what it had made in the third quarter of the previous fiscal. The profit growth for Union Bank of India and Indian Bank was also greater than 100%.

For the three months of October through December 2022, the net profit of the Mumbai-based Union Bank of India increased by 107% to Rs 2,245 crore, while the Chennai-based Indian Bank saw a 102% increase to Rs 1,396 crore.

In comparison to the same period last year, all 12 PSBs collectively made a profit of Rs 29,175 crore in the third quarter of the current fiscal year, an increase of 65%.

Cumulative profit earned by PSBs:

The cumulative profit for the first nine months of the current fiscal year for PSBs was Rs 70,166 crore, up 43% from Rs 48,983 crore during the same period last year.

In the first quarter, the PSBs had a cumulative profit of about Rs 15,306 crore, which rose to Rs 25,685 crore in the third quarter of 2009 and Rs 29,175 crore in the fourth quarter of 2009.

The first quarter’s growth over the same period in the prior fiscal year was 9% in percentage terms. This increased to 50% in the second quarter and 65% in the third quarter.

As of December 31, 2022, BoM had the highest Capital Adequacy Ratio among PSBs at 17.53%, followed by Canara Bank (16.72%) and Indian Bank (15.74%).

BoM and State Bank of India were in the bottom quartile in terms of gross and net non-performing assets.

As of December 31, 2022, the gross NPAs reported by BoM and SBI were 2.94% and 3.14% of their respective total advances, respectively. For these lenders, the net NPAs decreased to 0.47% and 0.77%.


Rohit Kulkarni
Rohit Kulkarni
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