India's largest private lender HDFC Bank on Wednesday reported a 2.2 per cent rise in its net profit for Q3 this fiscal, as its gross non-performing assets (NPA) ratio rose during the quarter.
The gross non-performing asset (NPA) ratio for scheduled commercial banks (SCBs) have improved significantly with a reduction to 2.67 per cent in June 2024 from 11.18 per cent in March 2018, according to the government.
State Bank of India (SBI) on Saturday reported a standalone net profit of Rs 17,035 crore for the April-June quarter of 2024-25 which was a mere 0.9 per cent increase over the corresponding figure of Rs 16,884.3 crore for the same quarter of the previous year.
Axis Bank on Wednesday reported a net profit of Rs 7,130 crore for the January-March quarter of 2023-24 compared to a loss of Rs 5,762 crore in the same quarter last year after it acquired Citi Bank's consumer business in India.
All the participating public sector banks (PSBs) cited a reduction while 67 per cent of the private sector banks also reported a decrease.
Kotak Mahindra Bank on Saturday said it closed the second quarter of FY24 with higher net profit of Rs 3,190.97 crore.
Expanding the scope of resolving the issue of non-performing assets (NPA) to other regulated entities, extending the time for Urban Cooperative Banks (UCB) to achieve the target for priority sector lending, internationalisation of Rupay cards are some of the major decisions of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC).
The BJP strongly condemns the closure of NPA and demands the government to restore it at the earliest, said the party's chief spokesperson.
Digital economy today is a great strength of our economy, of our startup world, of Make in India and of self-reliant India, said Modi.
The gross non-performing assets (NPA) of the banks are expected to improve 90 basis points on-year to 5 per cent this fiscal year and another 100 basis points to a decadal low of 4 per cent by next fiscal, rating agency CRISIL said in a release.
