Q3 results: PSBs' net profit jumps 66% on healthy interest margins

Other income rises in Q3 against contraction in Q2

Eleven public-sector banks (PSBs) reported an average of 65.7 per cent year-on-year (YoY) growth in net profit at Rs 28,620 crore in the third quarter ended December 2022 (Q3FY23). Growth came primarily on the back of a steady rise in net interest income (NII).

Sequentially, the state-owned lenders posted a 13.6 per cent rise in net profit over the Rs 25,183 crore in July-September 2022 (Q2FY23).

Almost 50 per cent of PSB net profit in Q3FY23 came from State Bank of India (SBI), the largest lender in India, the data compiled by the BS Research Bureau for the 11 banks