Indian banks record profits..! nirmala sitharaman Tweet..!

Indian banks posted a record profit of nearly Rs 60,000 crore in the september quarter. The net profit of indian banks in the same period of last year was Rs 37,567 crore, which is a staggering 59 percent higher profit this year. Through this, bank equity investors have got an opportunity to reap excess profits. indian banks have been facing excessive bad loans for the last few years, business impacts and profit margins have been affected, and the growth in the business market after the coronavirus has increased the demand for loans in the business market. In response, the september quarter posted its highest profit on record in any year.The bank Nifty index touched 41,779 points in Monday's trade, close to its all-time high of 41,840 after the country's major banks declared their quarterly results on Saturday. mumbai stock market holiday today due to Guru Nanak Jayanti. The commodity market does not operate in the morning and only operates between 5 pm to 11.30 pm. Private banks collectively posted a profit of Rs 33,165 crore in the september quarter, up 67% from Rs 19,868 crore in the year-ago period. Similarly, Public Sector Banks recorded a profit of Rs 25,685 crore, a growth of 50 percent, compared to a loss of Rs 17,123 crore in the september quarter of last fiscal. Not only this, but sbi also posted its highest-ever quarterly profit of Rs 13,256 crore. This is a 74% increase over the previous year.State bank of india has emerged as the country's most profitable company with a consolidated net profit of Rs 14,752 crore for the september quarter of FY23. With this, mukesh Ambani's reliance Industries, which was in the first place, has been pushed to second place with a net profit of Rs 13,656 crore. State bank of india, which is the largest public sector bank in india, had a net interest income (NII) of Rs 31,184 crore in the september quarter of last year. Now it has increased by 13 percent to Rs.35,183 crores. In the private banking sector, hdfc bank reported a 20% increase in gross profit to Rs 10,605 crore in net profit. Similarly, icici bank posted a profit of Rs 7,758 crore in the quarter, a growth of 37%. Also, Axis bank posted a profit of Rs 5,330 crore with a growth of 70 percent and kotak mahindra bank posted a profit of Rs 2,581 crore with a rise of 27%.Finance minister nirmala sitharaman on monday tweeted about the record performance of public sector banks, attributing the rise in profitability to the government's continued efforts to reduce non-performing assets (NPAs) and improve banks. Public sector banks faced unprecedented losses as loans to industrial companies turned into bad loans in several quarters since 2016. Also, the profit of public sector banks has increased to Rs 40,991 crore in the first half of the current financial year, and in the first half of the financial year 2022, it has increased to Rs 31,290 crore. The half-yearly profit of the financial year 2023 has registered a growth of 31 percent.

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Sowmiya Sriram

08/11/2022 06:32 PM