The net profit of public-sector banks (PSBS) jumped 124.8 per cent year-on-year (Y-o-Y) to ₹34,418 crore in the first quarter (Q1) of this financial year (FY24) on treasury gains and healthy growth in net interest income (NII) backed by strong credit offtake.
The robust growth in other income and a decrease in provisions also contributed to a healthy bottom line, according to analysis based on data compiled by BS Research Bureau for listed state-owned banks. State Bank of India, the country's largest lender, accounted for nearly half of the net profit of PSBS in Q1.
However, quarter-on-quarter (Q-o-Q), net profit fell by 0.2 per cent from ₹34,483 crore in the year-ago quarter. This was due to a 0.8 per cent decline in NII and a 17.6 per cent decline in other income.
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