Performance Review: PSB’s Net Profit Increases 16% to Rs 39,974 Crore in Q1 | Banking

Public sector banks (PSBs) reported a 16.1 per cent year-on-year (YoY) rise in net profit at Rs 39,974 crore for the quarter ended June 2024.

While net interest income (NII) showed a moderate growth of 7.1%, provisions and contingency liabilities decreased by 10.5% year-on-year. This helped net income show a steady growth.

Net profit fell 6.7 per cent sequentially from Rs 42,847 crore in the March quarter, according to data compiled by BS Research Bureau for 12 listed public sector banks.

The country’s largest lender, State Bank of India (SBI), accounted for about 44 per cent of the net worth