Banks' profits spike in first 9 mths of 2024

BANKS have raked in as much as ₹2.7 lakh crore in net income in the first nine months of 2024. Going by all indications, public sector lenders are set to overtake their private sector peers in the profitability sweepstake this year.

- BENN KOCHUVEEDAN @Mumbai

Of the system-wide profit of ₹2.7 lakh crore, ₹1 lakh crore came from the January-March quarter of the year and the rest in the next two quarters. Of this, public sector banks raked in close to ₹46,000 crore in the March quarter and ₹85,520 crore in second and third quarters. Private sector banks have made almost ₹44,000 crore in the March quarter and ₹82,172 crore in the next two quarters by the top seven (HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and Yes Bank) of them alone. As against this, in the entire fiscal 2024, they had earned ₹3.12 lakh crore—₹1.66 lakh crore by private sector banks and ₹1.46 lakh crore by their public sector peers. While till last year private bankers topped the profitability chart, going by