How Banks Performed in Q4FY24 While Punjab National Bank's performance was boosted by growth in Core Retail, State Bank of India's performance was driven by growth in Domestic Advances. Additionally, Indian Bank's stellar profit performance was due to its exceptional control over slippages

As more Indian companies are announcing quarterly results, let's take a look at the performance of these banks for Q4FY24.

While Punjab National Bank's performance was boosted by growth in Core Retail, State Bank of India's performance was driven by growth in Domestic Advances. Additionally, Indian Bank's stellar profit performance was due to its exceptional control over slippages.

1. Punjab National Bank

Punjab National Bank reported a Year-on-Year increase of 159.8 per cent and a Quarter-on-Quarter rise of 35.4 per cent in its net profit to INR 3,010 crore for Q4FY24.

Talking about its deposits, its Saving Deposits increased by 3.5 per cent Y-o-Y to INR 4,80,298 Crore, Current Deposits grew by INR 3,565 Crore Q-o-Q to touch INR 72,201 Crore, CASA Deposits increased on a Y-o-Y basis by 2.7 per cent to touch INR 5,52,499 Crore, while its Retail Term Deposit (less than two Crores) grew on a Y-o-Y basis of 9.5 per cent to INR 5,62,705 Crore

PNB's Net Interest Income (NII) rose by 9.1 per cent Y-o-Y to stand at INR 10,363 Crores in Q4FY24 as compared to INR 9,499 Crores in Q4FY23.

Its Total Retail credit increased to touch INR 2,22,574 Crores and saw impressive growth in House Loan (14.5 per cent), Personal Loan (14.4 per cent), and Vehicle Loan (25.6 per cent) segments. Additionally, its Agriculture Advances grew by 11.3 per cent on Y-o-Y basis to INR 1,58,188 Crores, while its MSME Advances increased Y-o-Y by 7 per cent to INR 1,39,288 Crores.

PNB's Gross Non-Performing Assets declined significantly by INR 20,985 Crores to INR 56,343 Crores.

Lastly, PNB's Net Profit for FY24 stood at INR 8,245 Crore

2. State Bank of India

The state-run largest lender in the country, State Bank of India, posted a Net Profit of INR 20,698 Crores for Q4FY24.

SBI's Credit grew at 15.24 per cent Y-o-Y with Domestic Advances growing by 16.26 per cent Y-o-Y. Notably, its Corporate Advances and Agri Advances crossed INR 11 lakh crores and INR three lakh crores respectively.

Its Net Interest Income (NII) stood at INR 41,655 Crores in Q4FY24 as compared to INR 39,816 Crores in Q3FY24.

SBI's Gross NPA ratio improved by 54 bps Y-o-Y at 2.24 per cent, while its Net NPA ratio improved by 10 bps Y-o-Y at 0.57 per cent.

Lastly, SBI's Net Profit for FY24 stood at INR 61,077 Crores.

3. Indian Overseas Bank

Indian Overseas Bank announced it had its highest-ever net profit this Q4 with INR 808 Crores.

Interest income for the quarter improved to INR 6,629 Crores from INR 5,192 Crores.

"Affirming its commitment to expansion, IOB plans to open 88 new branches throughout the year, furthering its reach and accessibility to customers," the bank said in its official release. It professes to prioritize customer-centric initiatives, offering one of the highest interest rates on Rupee Retail Term Deposit for the 444 Days bucket.

IOB's Net NPA improved to 0.57 per cent against 1.83 per cent of Q3FY23. Meanwhile, GNPA ratio improved to 3.10 per cent against 7.44 per cent in Q3FY23.

Lastly, its Net Profit for FY24 stood at INR 2,656 Crores.