Punjab National Bank Records 11.5% Loan Growth in Q4; BoB's Surges 12.4%

State-owned Punjab National Bank (PNB) announced a credit growth of 11.5% for the March quarter, reaching Rs 9.85 lakh crore. By the end of March 31, 2023, total advances stood at Rs 8.84 lakh crore, showcasing a steady growth trajectory. PNB also observed a noteworthy 7% rise in total deposits, amounting to Rs 13.70 lakh crore, compared to Rs 12.81 lakh crore in the previous fiscal quarter. The bank's overall business surged by 8.8% to Rs 23.56 lakh crore by March 31, 2023, indicating a robust performance. Moreover, the Credit Deposit (CD) ratio witnessed an uptick to 72% by the end of March 31, 2024, compared to 69.1% in the corresponding period of the previous year.

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In a separate regulatory filing, Bank of India reported a credit growth of 13.56% for the March quarter, reaching Rs 5.86 lakh crore. The bank's total deposits also registered a significant uptick of 10.20% to Rs 7.37 lakh crore, reflecting positive trends in deposit mobilization.

Meanwhile, Bank of Baroda recorded notable growth in its global advances, with a 12.41% surge to Rs 10.89 lakh crore by March 31, 2024. Additionally, total deposits witnessed a commendable increase of 10.24%, reaching Rs 13.26 lakh crore during the same period.

These figures indicate the resilience and growth potential of India's banking sector, even amidst challenging economic conditions. The steady expansion in credit and deposits underscores the confidence of customers and investors in these leading public sector banks.