From a bleak position of reporting losses, the state-run bank (SBI) made giant strides to report a net profit of ₹50,232 crore for FY23 under chairman Dinesh Kumar Khara.
Amid an industry-wide deposit competition that compressed its margin in the third quarter ended Sept 30, 2023 (3Q23), CIMB Group Holdings Bhd reported its highest quarterly earnings in 2½ years, driven by a strong non-interest income (NOII).
For a sample of 29 listed banks, net profit grew by 32.9% year-on-year to Rs 76,764.9 crore in the September quarter; it was above Rs 70,000 crore for the second quarter in a row. Among the sample banks, the public sector banks (PSBs) reported net profit of Rs 33,643.3 crore, a year-on-year increase of 31% whereas profit for the private sector banks rose at a faster rate of 34.4% to Rs 43,121.6 crore.