Introduction:
PSU Bank stocks, or Public Sector Undertaking Bank stocks, represent government-owned banks in India. These institutions play a pivotal role in the country’s financial system, supporting key sectors like banking, finance, and economic development.
Below are the details of how PSU banks performed during the third quarter. The results reflect a mix of positive and negative trends influenced by each bank’s market conditions.
Bank of Baroda Ltd
On February 1, Bank of Baroda (BSE: BANKBARODA) opened at ₹216.90, reached a high of ₹216.90, and a low of ₹207.60, closing at ₹210.85, down by 1.19%. The company’s market capitalisation is ₹1,09,038.17 crore.
Bank of Baroda reported Q3 2024 revenue of ₹34,676.47 crore, reflecting a 10.5% year-over-year growth from ₹31,415.62 crore in Q3 2023. The operating margin increased slightly to 24.80%, up from 24.52% in Q3 2023. EPS grew by 5.5%, reaching ₹9.35, up from ₹8.86 in Q3 2023.
Bank of Baroda reported a decline of 16.89% in stock returns for Q3, reflecting challenges in performance. The bank offers a wide range of financial services to individuals and businesses. Bank of Baroda is focused on expanding its digital offerings and customer base.
Canara Bank Ltd
On February 1, Canara Bank (BSE: CANBK) opened at ₹93.66, reached a high of ₹94.26, and a low of ₹91.15, closing at ₹92.70, down by 0.64%. The company’s market capitalisation is ₹84,084.94 crore.
Canara Bank reported Q3 2024 revenue of ₹30,311.61 crore, reflecting an 8.1% year-over-year growth from ₹28,038.83 crore in Q3 2023. The operating margin increased to 25.85%, up from 24.27% in Q3 2023. However, EPS declined by 77.5%, falling to ₹4.52 from ₹20.15 in Q3 2023.
Canara Bank Ltd saw a decline of 10.91% in stock returns for Q3, indicating setbacks in performance. The bank provides comprehensive banking solutions with a focus on financial inclusion. Canara Bank is enhancing its digital services and market presence.
Central Bank of India Ltd
On February 1, Central Bank of India (BSE: CENTRALBK) opened at ₹52.38, reached a high of ₹52.75, and a low of ₹50.15, closing at ₹50.50, down by 2.92%. The company’s market capitalisation is ₹43,838.74 crore.
Central Bank of India reported Q3 2024 revenue of ₹8,509.44 crore, reflecting a 9.0% year-over-year growth from ₹7,809.21 crore in Q3 2023. The operating margin declined to 23.07%, down from 24.73% in Q3 2023. EPS increased by 32.5%, rising to ₹1.10 from ₹0.83 in Q3 2023.
Central Bank of India experienced a decline of 13.02% in stock returns for Q3, reflecting operational difficulties. The bank offers diverse financial services and aims to improve customer satisfaction. Central Bank of India is investing in digital growth and innovation.
Indian Bank
On February 1, Indian Bank (BSE: INDIANB) opened at ₹554.00, reached a high of ₹559.45, and a low of ₹529.60, closing at ₹535.75, down by 3.62%. The company’s market capitalisation is ₹72,163.60 crore.
Indian Bank reported Q3 2024 revenue of ₹17,912.03 crore, reflecting an 11.3% year-over-year growth from ₹16,099.26 crore in Q3 2023. The operating margin improved to 30.14%, up from 28.86% in Q3 2023. EPS grew by 26.5%, rising to ₹21.18 from ₹16.78 in Q3 2023.
Indian Bank reported a decline of 8.53% in stock returns for Q3, showing a dip in performance. The bank continues to expand its digital services and focus on customer-centric solutions. Indian Bank remains a strong player in India’s banking sector.
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Indian Overseas Bank
On February 1, Indian Overseas Bank (BSE: IOB) opened at ₹51.47, reached a high of ₹52.12, and a low of ₹50.04, closing at ₹50.30, down by 1.30%. The company’s market capitalisation is ₹95,079.13 crore.
Indian Overseas Bank reported Q3 2024 revenue of ₹8,409.25 crore, reflecting a 13.1% year-over-year growth from ₹7,437.17 crore in Q3 2023. The operating margin improved to 31.86%, up from 28.83% in Q3 2023. EPS increased by 21.1%, rising to ₹0.46 from ₹0.38 in Q3 2023.
Indian Overseas Bank posted a decline of 8.44% in stock returns for Q3, reflecting some operational challenges. The bank focuses on enhancing digital banking services and improving customer experience.
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Punjab National Bank
On February 1, Punjab National Bank (BSE: PNB) opened at ₹102.00, reached a high of ₹102.05, and a low of ₹97.85, closing at ₹99.35, down by 1.78%. The company’s market capitalisation is ₹1,14,182.39 crore.
Punjab National Bank reported Q3 2024 revenue of ₹34,751.70 crore, reflecting a 15.9% year-over-year growth from ₹29,961.65 crore in Q3 2023. The operating margin decreased to 21.13%, down from 23.20% in Q3 2023. EPS grew by 94.5%, reaching ₹3.92, up from ₹2.02 in Q3 2023.
Punjab National Bank experienced a decline of 1.61% in stock returns for Q3. The bank is strengthening its digital services and expanding its reach. Punjab National Bank remains a key player in India’s banking sector.
Punjab & Sind Bank
On February 1, Punjab & Sind Bank (BSE: PSB) opened at ₹49.00, reached a high of ₹49.79, and a low of ₹46.96, closing at ₹47.99, down by 0.52%. The company’s market capitalisation is ₹32,526.60 crore.
Punjab & Sind Bank reported Q3 2024 revenue of ₹3,269.37 crore, reflecting a 14.6% year-over-year growth from ₹2,852.71 crore in Q3 2023. The operating margin improved to 18.02%, up from 11.12% in Q3 2023. EPS increased by 147.1%, rising to ₹0.42 from ₹0.17 in Q3 2023.
Punjab & Sind Bank reported a decline of 10.71% in stock returns for Q3, facing some challenges. The bank is working on expanding its digital services and improving customer outreach. Punjab & Sind Bank continues to focus on growth.
UCO Bank
On February 1, UCO Bank (BSE: UCOBANK) opened at ₹43.55, reached a high of ₹44.22, and a low of ₹42.75, closing at ₹42.87, down by 1.45%. The company’s market capitalisation is ₹51,255.19 crore.
UCO Bank reported Q3 2024 revenue of ₹7,405.89 crore, reflecting a 15.5% year-over-year growth from ₹6,412.71 crore in Q3 2023. The operating margin improved to 25.49%, up from 20.16% in Q3 2023. EPS grew by 26.2%, rising to ₹0.53 from ₹0.42 in Q3 2023.
UCO Bank saw a decline of 7.86% in stock returns for Q3, reflecting some financial hurdles. The bank is investing in improving customer experience and digital banking. UCO Bank continues to play an important role in India’s public banking sector.
Bank of India Ltd
On February 1, Bank of India (BSE: BANKINDIA) opened at ₹113.00, reached a high of ₹113.00, and a low of ₹106.45, closing at ₹108.25, down by 3.78%. The company’s market capitalisation is ₹49,282.63 crore.
Bank of India reported Q3 2024 revenue of ₹19,956.90 crore, reflecting a 21.9% year-over-year growth from ₹16,411.10 crore in Q3 2023. The operating margin improved to 20.33%, up from 19.74% in Q3 2023. EPS grew by 24.6%, rising to ₹5.53 from ₹4.44 in Q3 2023.
Bank of India Ltd recorded a decline of 1.72% in stock returns for Q3, showing a slight dip in performance. The bank is focused on expanding its digital services and improving customer satisfaction. Bank of India remains a prominent player in India’s banking sector.
Union Bank of India Ltd
On February 1, Union Bank of India (BSE: UNIONBANK) opened at ₹115.95, reached a high of ₹116.70, and a low of ₹111.25, closing at ₹112.55, down by 2.51%. The company’s market capitalisation is ₹85,916.23 crore.
Union Bank of India reported Q3 2024 revenue of ₹31,374.50 crore, reflecting a 7.7% year-over-year growth from ₹29,137.26 crore in Q3 2023. The operating margin decreased to 27.79%, down from 28.69% in Q3 2023. EPS grew by 24.6%, rising to ₹6.03 from ₹4.84 in Q3 2023.
Union Bank of India Ltd posted a decline of 4.59% in stock returns for Q3, facing some challenges. The bank continues to enhance its digital infrastructure and customer services. Union Bank of India remains a strong presence in India’s banking industry.
Bank of Maharashtra Ltd
On February 1, Bank of Maharashtra (BSE: MAHABANK) opened at ₹51.37, reached a high of ₹51.89, and a low of ₹50.15, closing at ₹50.39, down by 1.83%. The company’s market capitalisation is ₹38,757.75 crore.
Bank of Maharashtra reported Q3 2024 revenue of ₹7,112.43 crore, reflecting a 21.5% year-over-year growth from ₹5,851.34 crore in Q3 2023. The operating margin decreased to 36.41%, down from 38.91% in Q3 2023. EPS grew by 25.3%, rising to ₹1.83 from ₹1.46 in Q3 2023.
Bank of Maharashtra reported a decline of 9.02% in stock returns for Q3. The bank is focusing on expanding its digital services and improving customer satisfaction. Bank of Maharashtra remains committed to growing its market position.
IDBI Bank Ltd
On February 1, IDBI Bank Ltd (BSE: IDBI) opened at ₹81.50, reached a high of ₹82.31, and a low of ₹78.82, closing at ₹79.27, down by 2.23%. The company’s market capitalisation is ₹85,234.29 crore.
IDBI Bank reported Q3 2024 revenue of ₹8,564.92 crore, reflecting a 13.98% year-over-year growth from ₹7,514.27 crore in Q3 2023. The operating margin improved slightly to 35.85%, up from 35.57% in Q3 2023. EPS grew by 30.1%, rising to ₹1.77 from ₹1.36 in Q3 2023.
IDBI Bank saw a decline of 6.01% in stock returns for Q3, reflecting some financial setbacks. The bank is focusing on enhancing its digital banking services and customer experience. IDBI Bank remains an important player in India’s banking industry.
Please Note: Other PSU Banks are yet to announce their Q3 results.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
