Results review: PSBs' net profit grows 16% to Rs 39,974 crore in Q1

NII under pressure; asset quality continues to improve

Public sector banks (PSBs) posted 16.1 per cent year-on-year (Y-o-Y) growth in net profit at Rs 39,974 crore during the June 2024 quarter.

While net interest income (NII) showed subdued growth of 7.1 per cent, provisions and contingencies declined by 10.5 per cent Y-o-Y. This aided the bottom line to show steady growth.
 

Sequentially, net profit declined by 6.7 per cent from Rs 42,847 crore in the March quarter, according to data compiled by BS Research Bureau for 12 listed PSBs.
 

Country’s largest lender State Bank of India (SBI) accounted for about 44 per cent of the net