Banks likely to post robust Q4 numbers; profit may hit record high in FY23
The banking sector is likely to post good numbers in the fourth quarter ended March 2023, and the total profit of public sector banks (PSBs) is expected to touch a record high of Rs 1 lakh crore in FY23, aided by the decline in bad loans and healthy loan growth.
According to a senior bank official, the country's biggest lender State Bank of India (SBI) expected to earn a profit above Rs 40,000 crore in the financial year ended March 2023. In the first nine months of the previous financial year, the bank's bottomline stood at Rs 33,538 crore, higher than Rs 31,675.98 crore recorded in FY22.
Similarly, other public sector lenders are also likely to report encouraging numbers, helped by a decline in non-performing assets (NPAs), moderation in slippages, double-digit credit growth and rising interest rate.
For the first nine months of 2022-23, all 12 PSBs have earned a cumulative profit of Rs 70,166 crore compared to Rs 48,983 crore in the year-ago period, an increase of 43 per cent.
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