The tables of turned for public sector banks that commanded a higher deposit growth ten years ago. Now they are on the wrong side of the K-shape in deposit mobilisation and are losing out to private sector peers every year.
Standalone net profit increased by 26% year-on-year (y-o-y) to around ₹3,500 crore. The bank’s NIM rose to a multi-quarter high of 5.75%, up 28 basis points from Q3.
First Quarter 2023 Highlights Net income of $27.2 million, or $1.60 per diluted shareAdjusted net income (non-GAAP) of $28.0 million, or $1.65 per diluted shareCapital Markets Revenue from Swap Fees grew
Summit Bank Group
Reported record asset-size of $1.08 billion, up 16.0 percent over Q1 2022
Cash and securities totaled $291.4 million ? 27 percent of total assets, an increase of 5.8 percent over Q1 2022
Year over year Deposit Growth -.
Sustained credit demand seen last quarter and lower credit costs would be the key drivers of growth for banks. The systemic credit growth stood at 15% y-o-y as of 24 March, showed the latest fortnightly data by the Reserve Bank of India (RBI).