Indian banks post highest profit
Indian commercial banks have reported a combined profit of nearly Rs 59,000 crore for the September quarter, an increase of 57% over the Rs 37,567 crore net in the year-ago period. This is the highest profit recorded by Indian banks in any quarter.
Private banks have collectively reported a profit of Rs 33,165 crore, which is around 67% more than Rs 19,868 crore in the previous year. Public sector banks have reported a combined net of Rs 25,685 crore for Q2, up 50% from Rs 17,123 crore in FY22.
More than half of the profit has been generated by SBI, which posted its highest quarterly earnings of Rs 13,256 crore, an increase of 74% over previous year. SBI’s record net has made it the most profitable company this quarter on a consolidated basis. The consolidated net profit of SBI at Rs 14,752 crore was higher than Reliance Industries’ Rs 13,656 crore.
In the private sector, HDFC Bank reported a net profit of Rs 10,605 crore, an increase of 20%. ICICI Bank reported a profit of Rs 7,758 crore (up 37%), Axis Bank Rs 5,330 crore (70% gain) and Kotak Bank Rs 2,581 crore (27% increase).
