 "People exchange their old 500 and 1000 rupee notes at special camp organised by a public sector bank in Chennai")
Twelve public sector banks (PSBs) reported an average of 50 per cent year-on-year growth in net profit at Rs 25,685 crore in the July-September quarter (Q2FY23), primarily on the back of a steady rise in net interest income (NII). Sequentially, they posted a 76.8 per cent rise in net profit over Rs 15,307 crore in Q1FY23.
Supported by strong credit growth and expansion of interest margins, the financial results of PSBs were robust in the second quarter, said Anil Gupta, senior vice-president, co-group head-financial sector ratings, ICRA. Going forward, there can be moderation in interest margins, but healthy profitability is
