Government banks are busy, 3 banks have earned Rs 6,498 crore in 3 months - Newztezz Online

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Wednesday, January 24, 2024

Government banks are busy, 3 banks have earned Rs 6,498 crore in 3 months


Govt Banks Results:
The effect of the government's efforts is beginning to be seen on the banking sector. After private banks, now the condition of government banks is also improving. In the third quarter (October-December) of the financial year, three public sector banks of the country have earned huge profits.

The banking sector of the country is continuously strengthening. Along with private banks, the condition of government banks is also improving. Small banks are also making profits by squeezing the big government banks. Talking about the figures of the last three months, the three government banks of the country have earned a profit of Rs 6,498 crore in one quarter.

In this series, public sector Indian Bank comes first. In the third quarter of the financial year (October-December, 2023), the profit of this bank has jumped by 52 percent to Rs 2,119 crore. The bank gave this information on Wednesday. The bank said that its profit has increased due to improvement in main income and reduction in bad loans. Indian Bank informed the stock market that its operating profit in this quarter remained almost stable at Rs 4,097 crore, which was Rs 4,061 crore in the same quarter of the last financial year.

Income also increased

During this period, the income of Indian Bank has also increased. The total income of the bank increased to Rs 16,099 crore in the quarter under review, which was Rs 13,551 crore in the same quarter of the last financial year. At the same time, the net interest income of the bank increased to Rs 14,198 crore in the December 2023 quarter, which was Rs 11,834 crore in the December 2022 quarter.

Indian Overseas Bank also showed its strength

Apart from Indian Bank, the net profit of the government sector Indian Overseas Bank (IOB) for the third quarter of the current financial year (October-December, 2023) has been Rs 723 crore, with a jump of 30 percent. In a statement issued on Wednesday, the bank attributed this to the improvement in core income and reduction in bad loans. The net profit of this Chennai bank was Rs 555 crore in the same quarter of the last financial year. IOB said in the information given to the stock exchange. That its operating profit during the quarter increased to Rs 1,780 crore, which was Rs 1,540 crore in the quarter ending December 2022.

Canara Bank earned Rs 3,656 crore

Canara Bank, included in the list of government banks, has registered a record profit of 29 percent during this period. In the third quarter of the current financial year (October-December, 2023), it jumped by 29 percent to Rs 3,656 crore. The bank has given this information on Wednesday. The net profit of the bank in the same quarter of the last financial year was Rs 2,832 crore.

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