PSBs profit jumps 65% to Rs 29,175 cr in Q3; Bank of Maharashtra tops chart

Public sector banks (PSBs) have logged a robust profit growth of 65 per cent to Rs 29,175 crore during the third quarter ended December 2022, with Bank of Maharashtra (BoM) emerging as the top performer in terms of percentage growth in profit.

The Pune-headquartered lender recorded a 139 per cent jump in profit to Rs 775 crore at the end of December 2022, according to quarterly results declared by the PSBs.

BoM was followed by Kolkata-based UCO Bank which posted a profit of Rs 653 crore, 110 per cent higher than its earning in the third quarter of the previous fiscal.

Two other lenders whose profit growth was higher than 100 per cent were Union Bank of India and Indian Bank.

The Mumbai-based Union Bank of India witnessed a 107 per cent rise in net profit at Rs 2,245 crore, while Chennai-based Indian Bank reported a 102 per cent increase at Rs 1,396 crore for the October-December period of 2022.

All 12 PSBs cumulatively earned a profit of Rs 29,175 crore in the third quarter of the