Reflecting the benefit of repricing of loans and robust credit offtake, private sector banks posted 31.7 per cent growth year-on-year (YoY) in net profit to Rs 35,166 crore in the third quarter ended December 2022 (Q1FY23). Sequentially, net profit rose by 12.6 per cent over Rs 31,218 crore in the second quarter ended September 2022 (Q2FY23).
The net interest income (NII) rose by 26.6 per cent YoY and sequentially 8.9 per cent over the second quarter ended September 2022, according to data for 15 listed banks compiled by BS Research Group.
Banks gained from higher increases in lending rates compared to rise in deposit rates. Reserve Bank of India (RBI)’s latest data showed that the weighted average lending rate (WALR) on outstanding rupee loans of private banks rose by 67 basis points from 9.77 per cent in December 2021 to 10.44 per cent in November 2022. The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term d
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