Results in Review: PSB’s net profit grows 16% to Rs 39,974 crore in Q1

The public sector banks (PSBs) reported a 16.1 per cent year-on-year (YoY) growth in net profit to Rs 39,974 crore in the June 2024 quarter.

While net interest income (NII) showed a muted growth of 7.1 percent, provisions and contingencies declined by 10.5 percent year-on-year, helping the bottom line to show steady growth.

Net profit fell 6.7 per cent from Rs 42,847 crore in the March quarter, data compiled by the BS Research Bureau for 12 listed public broadcasters showed.

The country’s largest lender, State Bank of India (SBI), accounted for about 44 percent of net sales.