Public sector banks (PSBs) registered more than double profit of Rs 34,774 crore for the first quarter ended June 2023.Which bank has posted the highest Net Interest Margin (NIM) of 3.86 percent during the quarter?

Solution

Public sector banks (PSBs) registered more than double profit of Rs 34,774 crore for the first quarter ended June 2023.During the April-June period of the previous fiscal, all 12 state-owned banks had recorded a total profit of Rs 15,306 crore.   Pune-based Bank of Maharashtra posted the highest Net Interest Margin (NIM) of 3.86 per cent, followed by Central Bank at 3.62 percent and Indian Bank at 3.61 per cent during the quarter.        The highest percentage growth was recorded by Punjab National Bank, which earned a profit of Rs 1,255 crore against Rs 308 crore in the same quarter of the previous year, a growth of 307 per cent.    It was followed by the State Bank of India (SBI), which recorded a 178 per cent bottom line growth at Rs 16,884 crore and the Bank of India with a 176 per cent surge, earned Rs 1,551 crore profit.