Page 3 - Public Sector Banks

PSBs trim branch network but private sector spreads its net, shows data

Das asked banks to use their branches effectively to mobilise deposits, highlighting the importance of brick-and-mortar structures

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

NII under pressure; asset quality continues to improve

PSBs' Rs 8,500 crore penalties a burden on common man: Rahul Gandhi

Congress leader Rahul Gandhi criticised the Centre after data showed that 12 PSBs collected Rs 8,500 crore (approx) in penalties from customers for not maintaining average monthly balances in 5 years

11 public banks charge Rs 2,331 cr for non-maintenance of minimum balance

For the recovery of this charge from account holders, public sector banks have formulated slab structures based on different geographies and segments

Uco Bank Q1 result: Net profit jumps 147% to Rs 551 cr, deposits rise 7.39%

State-owned UCO Bank on Monday reported a 147 per cent year-on-year jump in net profit to Rs 551 crore in the April-June quarter. The lender's bottomline in the corresponding period a year ago stood at Rs 223 crore. Operating profit in the reporting quarter was Rs 1,321 crore, registering a growth of 9.81 per cent over the year-earlier period. The Kolkata-based bank's total business grew 11.46 per cent on-year to Rs 4,61,408 crore, while gross advances increased 17.64 per cent to Rs 1,93,253 crore, it said in a statement. Total deposits rose 7.39 per cent year-on-year to Rs 2,68,155 crore in the three months ended June. Advances in retail, agriculture and MSME (RAM) sectors were up 18.65 per cent at Rs 1,01,986 crore, it said. The bank also managed to reduce its Gross NPA in April-June by 116 basis points to 3.32 per cent, while net NPA declined by 40 basis points to 0.78 per cent. The statement said capital adequacy ratio stood at 17.09 per cent at the end of the first quarter,

Increase participation in financial inclusion schemes: FinMin to pvt banks

On June 25, the DFS asked public sector banks (PSBs) to revive inoperative accounts under the Pradhan Mantri Jan Dhan Yojana

Public sector banks on a roll: IOB, Central Bank zoom up to 9% on July 9

PSB shares: The Nifty PSU Bank index was trading as the top sectoral gainer on the NSE

Punjab & Sind Bank plans to open 100 branches, as many ATMs this fiscal

State-owned Punjab & Sind Bank plans to open 100 branches across the country in the current financial year as part of the strategy to expand its reach. During the year, the bank also plans to add 100 new ATMs to its network. "With the addition of 100 branches, the total number of branches would reach 1,665 by the end of 2024-25, and similarly, the number of ATMs would touch 1,135," Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI. The bank will continue to focus on branch expansion, and new branches would come up in areas other than the northern region, he said. Besides, he said, the bank also proposes to expand its reach through the Banking Correspondent (BC) channel. The bank plans to more than double its BC network during the current fiscal, he said, adding, that the bank is trying to expand this network to 4,000 by the end of the current financial year against 1,700 at present. The bank is working on customising more products and processes to improve ...

FinMin to meet CEOs of PSBs on Jun 25, review financial inclusion schemes

The finance ministry has called a meeting of heads of Public Sector Banks (PSBs) on Tuesday to review progress of various financial inclusion schemes, including PM Vishwakarma, Jan Suraksha and Mudra Yojana. The meeting is scheduled to be chaired by Financial Services Secretary Vivek Joshi. According to sources, the meeting would review the progress of various flagship schemes, including PM Vishwakarma, StandUp India, PM SVANidhi , among others. Other financial inclusion related issues would also be discussed in the meeting, sources said. Prime Minister Narendra Modi in September last year launched PM Vishwakarma scheme under which traditional craftsmen and artisans will be provided loan assistance at a minimal interest rate without the need for collateral. With a financial outlay of Rs 13,000 crore for a period of five years, the scheme will benefit about 30 lakh families of traditional artisans and craftsmen, including weavers, goldsmiths, blacksmiths, laundry workers, and ...

PSBs outshine private, foreign peers in technical efficiency: SBI report

SBI report says takeover of weaker banks affected productivity of acquiring ones

Interest rate spreads hit new 10-year low of 2.25% for PSBs in April 2024

The spread between the outstanding lending and deposit rates has narrowed compared to the spread between fresh lending and deposit rates

3 GMs to take charge of TMB operations after Sankarasubramaniam's exit

Krishnan had resigned from the post of MD and CEO of the Tuticorin-based bank, on September 28 last year, citing personal reasons

Bank of India floats 666 days term deposits bucket with 7.3% rate

Slashes rate on 2-year deposits by 45 basis points

PSB loan growth lags industry; cautious approach to protect margins

According to RBI, the share of external benchmark linked loans (EBLR) in total outstanding floating rate loans increased to 56.2 per cent as at end-December 2023 from 49.6 per cent in March 2023

Public sector banks' total profit jumps 35%, crosses Rs 1.4 trn in FY24

Public sector banks' cumulative profit crossed Rs 1.4 lakh crore in the financial year ended March 2024, recording a growth of 35 per cent over the previous year on a high base of Rs 1 lakh crore. The 12 Public Sector Banks (PSBs) together had earned a net profit of Rs Rs 1,04,649 crore in 2022-23. Out of the total profit of Rs 141,203 crore earned during the FY24, market leader State Bank of India (SBI) alone contributed over 40 per cent of the total earnings, as per the published numbers on exchanges. SBI earned a profit of Rs 61,077 crore 22 per cent higher than the previous financial year (Rs 50,232 crore). In percentage terms Delhi-based Punjab National Bank had the highest net profit growth with 228 per cent to Rs 8,245 crore, followed by Union Bank of India with a 62 per cent rise to Rs 13,649 crore and Central Bank of India with a 61 per cent increase to Rs 2,549 crore. Among the banks which recorded over 50 per cent jump in net profit included Bank of India with a 57 per

Union Bank of India Q4 result: Net profit rises 18% on lower provisions

State-owned Union Bank of India on Saturday reported an 18.36 per cent growth in its consolidated net profit for the March quarter to Rs 3,328 crore, helped by lower provisions. For the fiscal 2023-24, the lender reported a consolidated net profit of Rs 13,797 crore against Rs 8,512 crore in the year-ago period. In the quarter under review, its standalone net profit increased to Rs 3,311 crore from Rs 2,782 crore a year ago. The core net interest income grew 14.38 per cent to Rs 9,437 crore on an 11.7 per cent growth in advances and widening of net interest margin to 3.10 per cent from 2.97 per cent in the year-ago period. Its managing director and chief executive A Manimekhalai told reporters that for FY25, it is aiming for a credit growth of 11-13 per cent and deposit growth to be between 9-11 per cent compared to 9.3 per cent in FY24. It, however, expects a fall in NIMs to 2.8-3 per cent, she said, adding that the targets will be reviewed midway through the year. The non-inter

Indian Overseas Bank clocks Q4 consolidated PAT of Rs 810.42 cr

Public sector Indian Overseas Bank on Thursday reported a consolidated net profit of Rs 810.42 crore. The city-headquartered bank had recorded a consolidated profit of Rs 655.63 crore during the corresponding quarter of last year. For the year ending March 31, 2024 the consolidated net profit grew to Rs 2,665.66 crore from Rs 2,103.99 crore a year ago. The consolidated total income during the quarter under review went up to Rs 9,112.67 crore from Rs 6,630.57 crore in the same quarter last year. For the year ending March 31, 2024 the consolidated total income soared to Rs 29,730.97 crore as compared to Rs 23,523.42 crore in the same period last financial year.

Why foreign financial firms have quit

A surge in prosperity between 2005 and 2008 was purely due to a massive global boom across all geographies

May 1 bank holiday: Are banks closed today? Check state-wise list

Banks will remain closed in some states on May 1 in observance of Maharashtra Day and May Day

Issuance of LOCs at instance of PSBs violation of fundamental rights: HC

The court made the observation on April 23 while quashing the Centre's decision empowering such banks to seek issuance of LOCs