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From a bleak position of reporting losses, the state-run bank (SBI) made giant strides to report a net profit of ₹50,232 crore for FY23 under chairman Dinesh Kumar Khara.
Amid an industry-wide deposit competition that compressed its margin in the third quarter ended Sept 30, 2023 (3Q23), CIMB Group Holdings Bhd reported its highest quarterly earnings in 2½ years, driven by a strong non-interest income (NOII).
For a sample of 29 listed banks, net profit grew by 32.9% year-on-year to Rs 76,764.9 crore in the September quarter; it was above Rs 70,000 crore for the second quarter in a row. Among the sample banks, the public sector banks (PSBs) reported net profit of Rs 33,643.3 crore, a year-on-year increase of 31% whereas profit for the private sector banks rose at a faster rate of 34.4% to Rs 43,121.6 crore.
Malayan Banking Bhd (Maybank) is on track for a strong finish in 2023, following its robust performance for the first nine months of 2023 (9M23).
The RBI recently central raised the risk weight on consumer loans of banks and NBFCs by 25 percent