PUBLIC SECTOR BANKS’ PROFIT JUMPS 65% IN Q3

New Delhi (PTI): Public sector banks (PSBs) have logged a robust profit growth of 65% to `29,175 crore during the third quarter ended December 2022, with Bank of Maharashtra (BoM) emerging as the top performer in terms of percentage growth in profit.

The Pune-headquartered lender recorded a 139% jump in profit to `775 crore at the end of Dec 2022, according to quarterly results declared by the PSBs.

BoM was followed by Kolkata-based UCO Bank which posted a profit of `653 crore, 110% higher than its earning in the third quarter of the previous fiscal. Two other lenders whose profit growth was higher than 100% were Union Bank of India and Indian Bank. The Mumbai-based Un-

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z Bank of Maharashtra (BoM) emerged as the top performer in terms of percentage growth in profit z BoM recorded a 139% jump in profit to `775 cr at the end of Dec 2022 z BoM was followed by UCO Bank which posted a profit of `653 crore ion Bank of India witnessed a 107% rise in net profit at `2,245 crore, while Chennai-based Indian

Bank reported a 102% increase at `1,396 crore for the October-December period of 2022.

All 12 PSBs cumulatively earned a profit of `29,175 crore in the third quarter of the current financial year, as against `17,729 crore in the same period a year ago, recording a jump of 65%.

For the first nine months of the current financial year, PSBs have earned a cumulative profit of ` 70,166 crore as compared to ` 48,983 crore in the year-ago period, an increase of 43%.

New Delhi (PTI): The merger of 7 subsidiary companies with Tata Steel is expected to be completed in 2023-24 fiscal year, its CEO and managing director T V Narendran said.

In September 2022, Tata Steel board had approved a proposal to merge six of its subsidiaries into itself for greater synergies, higher efficiency and reduce costs.

“We had already announced (merger of) 6 companies earlier. (Merger of) one more Angul Energy we announced recently,” he said when asked about the timeline for the merger.

However, the completion of the merger depends on the regulatory processes including NCLT clearances, post which the process is expected to be completed in the next financial year, the CEO said.

“We are dependent on the speed at which we can go through our regulatory requirements,” he added.

Reminiscing about good times is always joyful and rejuvenating, one should indulge in this too…sometimes!

— Dr Jagdeesh Chandra, CEO & Editor-in-Chief, First India