# Banks - PSU — company-by-company sector analysis

> Banks - PSU: State Bank of India owns the largest revenue base; Bank of Maharashtra has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Banks - PSU has outperformed NIFTY 500 by 7.5% over 52 weeks and 5% over 13 weeks. 5 of 13 covered companies beat NIFTY on Mansfield relative strength, while 7 of 13 beat the sector itself. State Bank of India leads with income of ₹5,15,235 crore, based on 13 of 13 comparable companies through Mar 2026.

### Is the Banks - PSU sector outperforming NIFTY 500?

Banks - PSU has outperformed NIFTY 500 by 7.5% over 52 weeks and 5% over 13 weeks. 5 of 13 covered companies beat NIFTY on Mansfield relative strength, while 7 of 13 beat the sector itself.

### Which Banks - PSU company is largest by income?

State Bank of India leads with income of ₹5,15,235 crore, based on 13 of 13 comparable companies through Mar 2026.

### Which Banks - PSU company is growing fastest?

Bank of Maharashtra has the fastest current income growth at 15.8%, across 13 of 13 comparable companies.

### Which Banks - PSU company has the strongest 4-Factor Sector Score?

Bank of Maharashtra ranks first at 80.3/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Banks - PSU company has the largest deposit base?

Punjab National Bank has the largest reported deposit base at ₹17,38,908 crore. Bank borrowings are operating funding, not industrial leverage.

### Which Banks - PSU company has the lowest comparable P/BV-to-ROE?

Bank of Baroda has the lowest comparable P/BV ÷ ROE at 0.06, among 13 of 13 companies that pass the metric’s comparability rules.

### How much history does this Banks - PSU comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Banks - PSU has outperformed NIFTY 500 by 7.5% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 5%. 5 of 13 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Bank of Maharashtra is the strongest against the sector itself at +23.4%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: -5.0%
52-week sector return versus NIFTY 500: 7.5%
Stocks leading NIFTY: 5/13
Stocks leading sector: 7/13

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 13
Combined market value: ₹19.1 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Bank of Maharashtra (MAHABANK): 80/100 — Sector-leading setup; evidence 100%
   - Growth & earnings 29.3/35 | Capital efficiency 24.3/25 | Valuation 10.2/20 | Relative strength 16.5/20
   - Exact sum: 29.3 + 24.3 + 10.2 + 16.5 = 80.3
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Indian Overseas Bank (IOB): 66/100 — Favorable setup; evidence 87%
   - Growth & earnings 31.5/35 | Capital efficiency 17.0/25 | Valuation 12.7/20 | Relative strength 5.1/20
   - Exact sum: 31.5 + 17 + 12.7 + 5.1 = 66.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -11.8% and the one-year return is -14.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Union Bank of India (UNIONBANK): 60/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 11.9/35 | Capital efficiency 17.4/25 | Valuation 14.3/20 | Relative strength 16.4/20
   - Exact sum: 11.9 + 17.4 + 14.3 + 16.4 = 60
   - Decision use: Price leads the evidence: RS versus the benchmark is 7.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Bank of India (BANKINDIA): 58/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 21.5/35 | Capital efficiency 9.7/25 | Valuation 15.2/20 | Relative strength 11.6/20
   - Exact sum: 21.5 + 9.7 + 15.2 + 11.6 = 58
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Indian Bank (INDIANB): 57/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 21.2/35 | Capital efficiency 17.4/25 | Valuation 9.8/20 | Relative strength 8.4/20
   - Exact sum: 21.2 + 17.4 + 9.8 + 8.4 = 56.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Canara Bank (CANBK): 56/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 14.6/35 | Capital efficiency 16.6/25 | Valuation 12.6/20 | Relative strength 12.1/20
   - Exact sum: 14.6 + 16.6 + 12.6 + 12.1 = 55.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Punjab National Bank (PNB): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 19.3/35 | Capital efficiency 12.1/25 | Valuation 14.3/20 | Relative strength 8.2/20
   - Exact sum: 19.3 + 12.1 + 14.3 + 8.2 = 53.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. State Bank of India (SBIN): 51/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 13.5/35 | Capital efficiency 14.4/25 | Valuation 10.3/20 | Relative strength 12.4/20
   - Exact sum: 13.5 + 14.4 + 10.3 + 12.4 = 50.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Punjab & Sind Bank (PSB): 49/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 24.4/35 | Capital efficiency 8.0/25 | Valuation 10.0/20 | Relative strength 6.6/20
   - Exact sum: 24.4 + 8 + 10 + 6.6 = 49
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -10.4% and the one-year return is -26.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
10. Bank of Baroda (BANKBARODA): 46/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 6.9/35 | Capital efficiency 11.6/25 | Valuation 16.8/20 | Relative strength 10.5/20
   - Exact sum: 6.9 + 11.6 + 16.8 + 10.5 = 45.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
11. UCO Bank (UCOBANK): 46/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 17.8/35 | Capital efficiency 7.2/25 | Valuation 11.8/20 | Relative strength 8.8/20
   - Exact sum: 17.8 + 7.2 + 11.8 + 8.8 = 45.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. IDBI Bank Ltd (IDBI): 45/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 10.6/35 | Capital efficiency 17.3/25 | Valuation 12.2/20 | Relative strength 4.4/20
   - Exact sum: 10.6 + 17.3 + 12.2 + 4.4 = 44.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Central Bank of India (CENTRALBK): 39/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 9.7/35 | Capital efficiency 6.0/25 | Valuation 18.4/20 | Relative strength 4.5/20
   - Exact sum: 9.7 + 6 + 18.4 + 4.5 = 38.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

## Income Scale & Growth Durability

What the numbers say: State Bank of India is the scale leader at ₹5,15,235 crore, 277.3% ahead of Bank of Baroda. Bank of Maharashtra's growth is 15.8% from a ₹30,262 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: State Bank of India is the scale benchmark; Bank of Maharashtra is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: State Bank of India's growth falls below Bank of Maharashtra's for two consecutive comparable reports while operating margin also compresses.

Evidence: State Bank of India · ₹5,15,235 crore | 277.3% versus #2 · Bank of Baroda | 8/8 recent comparable periods | 13/13 companies · 252 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. State Bank of India (SBIN): ₹5.2 L Cr
2. Bank of Baroda (BANKBARODA): ₹1.4 L Cr
3. Punjab National Bank (PNB): ₹1.3 L Cr
4. Canara Bank (CANBK): ₹1.3 L Cr
5. Union Bank of India (UNIONBANK): ₹1.1 L Cr

### Income growth — fastest growers
1. Bank of Maharashtra (MAHABANK): 16%
2. Indian Overseas Bank (IOB): 15%
3. Indian Bank (INDIANB): 9.5%
4. Central Bank of India (CENTRALBK): 9.5%
5. UCO Bank (UCOBANK): 9.1%

### 20-quarter Income history
- SBIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹91.5K Cr | Mar 2023 ₹98.1K Cr | Jun 2023 ₹1.0 L Cr | Sep 2023 ₹1.1 L Cr | Dec 2023 ₹1.1 L Cr | Mar 2024 ₹1.2 L Cr | Jun 2024 ₹1.2 L Cr | Sep 2024 ₹1.2 L Cr | Dec 2024 ₹1.2 L Cr | Mar 2025 ₹1.3 L Cr | Jun 2025 ₹1.3 L Cr | Sep 2025 ₹1.3 L Cr | Dec 2025 ₹1.3 L Cr | Mar 2026 ₹1.3 L Cr | Jun 2026 —
- UNIONBANK: Sep 2021 ₹16.9K Cr | Dec 2021 ₹17.1K Cr | Mar 2022 ₹17.0K Cr | Jun 2022 ₹18.3K Cr | Sep 2022 ₹19.8K Cr | Dec 2022 ₹21.0K Cr | Mar 2023 ₹22.2K Cr | Jun 2023 ₹23.6K Cr | Sep 2023 ₹24.7K Cr | Dec 2023 ₹25.5K Cr | Mar 2024 ₹26.5K Cr | Jun 2024 ₹26.5K Cr | Sep 2024 ₹26.9K Cr | Dec 2024 ₹26.7K Cr | Mar 2025 ₹27.9K Cr | Jun 2025 ₹27.1K Cr | Sep 2025 ₹26.2K Cr | Dec 2025 ₹26.8K Cr | Mar 2026 ₹26.7K Cr | Jun 2026 ₹27.4K Cr
- BANKBARODA: Sep 2021 ₹17.5K Cr | Dec 2021 ₹18.7K Cr | Mar 2022 ₹19.1K Cr | Jun 2022 ₹20.0K Cr | Sep 2022 ₹22.3K Cr | Dec 2022 ₹24.8K Cr | Mar 2023 ₹27.2K Cr | Jun 2023 ₹28.0K Cr | Sep 2023 ₹29.3K Cr | Dec 2023 ₹30.0K Cr | Mar 2024 ₹31.1K Cr | Jun 2024 ₹31.1K Cr | Sep 2024 ₹31.9K Cr | Dec 2024 ₹32.6K Cr | Mar 2025 ₹32.8K Cr | Jun 2025 ₹32.9K Cr | Sep 2025 ₹33.3K Cr | Dec 2025 ₹33.6K Cr | Mar 2026 ₹34.5K Cr | Jun 2026 ₹35.1K Cr
- PNB: Sep 2021 ₹18.3K Cr | Dec 2021 ₹19.6K Cr | Mar 2022 ₹19.1K Cr | Jun 2022 ₹19.1K Cr | Sep 2022 ₹20.6K Cr | Dec 2022 ₹22.8K Cr | Mar 2023 ₹24.3K Cr | Jun 2023 ₹25.7K Cr | Sep 2023 ₹26.9K Cr | Dec 2023 ₹27.9K Cr | Mar 2024 ₹28.7K Cr | Jun 2024 ₹29.1K Cr | Sep 2024 ₹30.4K Cr | Dec 2024 ₹31.9K Cr | Mar 2025 ₹32.5K Cr | Jun 2025 ₹32.6K Cr | Sep 2025 ₹32.5K Cr | Dec 2025 ₹32.9K Cr | Mar 2026 ₹32.8K Cr | Jun 2026 ₹33.6K Cr
- CANBK: Sep 2021 ₹17.3K Cr | Dec 2021 ₹18.0K Cr | Mar 2022 ₹18.2K Cr | Jun 2022 ₹18.5K Cr | Sep 2022 ₹20.5K Cr | Dec 2022 ₹22.6K Cr | Mar 2023 ₹24.3K Cr | Jun 2023 ₹25.5K Cr | Sep 2023 ₹27.3K Cr | Dec 2023 ₹28.5K Cr | Mar 2024 ₹29.3K Cr | Jun 2024 ₹29.2K Cr | Sep 2024 ₹30.2K Cr | Dec 2024 ₹30.8K Cr | Mar 2025 ₹31.5K Cr | Jun 2025 ₹31.5K Cr | Sep 2025 ₹32.1K Cr | Dec 2025 ₹30.9K Cr | Mar 2026 ₹31.8K Cr | Jun 2026 —
- INDIANB: Sep 2021 ₹9.5K Cr | Dec 2021 ₹9.9K Cr | Mar 2022 ₹9.9K Cr | Jun 2022 ₹10.2K Cr | Sep 2022 ₹10.7K Cr | Dec 2022 ₹11.8K Cr | Mar 2023 ₹12.3K Cr | Jun 2023 ₹13.1K Cr | Sep 2023 ₹13.8K Cr | Dec 2023 ₹14.2K Cr | Mar 2024 ₹14.6K Cr | Jun 2024 ₹15.0K Cr | Sep 2024 ₹15.4K Cr | Dec 2024 ₹15.8K Cr | Mar 2025 ₹15.9K Cr | Jun 2025 ₹16.3K Cr | Sep 2025 ₹16.6K Cr | Dec 2025 ₹17.1K Cr | Mar 2026 ₹17.5K Cr | Jun 2026 ₹18.1K Cr
- IDBI: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹6.5K Cr | Mar 2024 ₹7.0K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹7.8K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹7.1K Cr | Dec 2025 ₹7.1K Cr | Mar 2026 ₹7.8K Cr | Jun 2026 ₹7.5K Cr
- IOB: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹6.6K Cr | Jun 2024 ₹6.5K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹7.1K Cr | Mar 2025 ₹7.6K Cr | Jun 2025 ₹7.4K Cr | Sep 2025 ₹7.9K Cr | Dec 2025 ₹8.2K Cr | Mar 2026 ₹8.5K Cr | Jun 2026 ₹8.8K Cr
- BANKINDIA: Sep 2021 ₹9.6K Cr | Dec 2021 ₹9.4K Cr | Mar 2022 ₹9.9K Cr | Jun 2022 ₹10.0K Cr | Sep 2022 ₹11.5K Cr | Dec 2022 ₹12.8K Cr | Mar 2023 ₹13.5K Cr | Jun 2023 ₹14.4K Cr | Sep 2023 ₹15.1K Cr | Dec 2023 ₹15.3K Cr | Mar 2024 ₹16.3K Cr | Jun 2024 ₹17.0K Cr | Sep 2024 ₹17.5K Cr | Dec 2024 ₹18.3K Cr | Mar 2025 ₹18.5K Cr | Jun 2025 ₹18.5K Cr | Sep 2025 ₹18.5K Cr | Dec 2025 ₹19.1K Cr | Mar 2026 ₹19.6K Cr | Jun 2026 ₹20.1K Cr
- MAHABANK: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.5K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹6.3K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹7.1K Cr | Sep 2025 ₹7.1K Cr | Dec 2025 ₹7.3K Cr | Mar 2026 ₹7.8K Cr | Jun 2026 ₹8.0K Cr
- UCOBANK: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹5.2K Cr | Sep 2023 ₹5.2K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹6.1K Cr | Dec 2024 ₹6.2K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹6.7K Cr | Mar 2026 ₹6.7K Cr | Jun 2026 —
- CENTRALBK: Sep 2021 ₹5.8K Cr | Dec 2021 ₹6.1K Cr | Mar 2022 ₹5.5K Cr | Jun 2022 ₹5.6K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹7.2K Cr | Jun 2023 ₹7.3K Cr | Sep 2023 ₹7.4K Cr | Dec 2023 ₹7.8K Cr | Mar 2024 ₹8.4K Cr | Jun 2024 ₹8.4K Cr | Sep 2024 ₹8.2K Cr | Dec 2024 ₹8.5K Cr | Mar 2025 ₹8.7K Cr | Jun 2025 ₹8.6K Cr | Sep 2025 ₹8.8K Cr | Dec 2025 ₹9.1K Cr | Mar 2026 ₹9.7K Cr | Jun 2026 ₹9.7K Cr
- PSB: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 ₹3.2K Cr

### 20-quarter Income growth history
- SBIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 23% | Mar 2024 20% | Jun 2024 17% | Sep 2024 13% | Dec 2024 10% | Mar 2025 8.0% | Jun 2025 6.3% | Sep 2025 5.8% | Dec 2025 4.6% | Mar 2026 3.3% | Jun 2026 —
- UNIONBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 17% | Dec 2022 23% | Mar 2023 30% | Jun 2023 29% | Sep 2023 25% | Dec 2023 22% | Mar 2024 20% | Jun 2024 12% | Sep 2024 8.7% | Dec 2024 4.7% | Mar 2025 5.1% | Jun 2025 2.2% | Sep 2025 -2.5% | Dec 2025 0.4% | Mar 2026 -4.3% | Jun 2026 1.2%
- BANKBARODA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 27% | Dec 2022 33% | Mar 2023 42% | Jun 2023 40% | Sep 2023 31% | Dec 2023 21% | Mar 2024 14% | Jun 2024 11% | Sep 2024 9.0% | Dec 2024 8.4% | Mar 2025 5.6% | Jun 2025 5.5% | Sep 2025 4.4% | Dec 2025 3.2% | Mar 2026 5.2% | Jun 2026 6.8%
- PNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 16% | Mar 2023 27% | Jun 2023 34% | Sep 2023 30% | Dec 2023 22% | Mar 2024 18% | Jun 2024 14% | Sep 2024 13% | Dec 2024 15% | Mar 2025 13% | Jun 2025 12% | Sep 2025 6.8% | Dec 2025 3.1% | Mar 2026 0.9% | Jun 2026 3.1%
- CANBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.7% | Sep 2022 18% | Dec 2022 25% | Mar 2023 33% | Jun 2023 37% | Sep 2023 33% | Dec 2023 26% | Mar 2024 21% | Jun 2024 15% | Sep 2024 11% | Dec 2024 7.9% | Mar 2025 7.6% | Jun 2025 8.1% | Sep 2025 6.3% | Dec 2025 0.6% | Mar 2026 1.1% | Jun 2026 —
- INDIANB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13% | Dec 2022 19% | Mar 2023 24% | Jun 2023 28% | Sep 2023 28% | Dec 2023 20% | Mar 2024 19% | Jun 2024 15% | Sep 2024 12% | Dec 2024 11% | Mar 2025 8.4% | Jun 2025 8.3% | Sep 2025 8.2% | Dec 2025 8.5% | Mar 2026 10% | Jun 2026 11%
- IDBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 20% | Dec 2022 13% | Mar 2023 24% | Jun 2023 48% | Sep 2023 21% | Dec 2023 25% | Mar 2024 22% | Jun 2024 -2.8% | Sep 2024 23% | Dec 2024 19% | Mar 2025 -0.2% | Jun 2025 5.4% | Sep 2025 -4.5% | Dec 2025 -9.5% | Mar 2026 12% | Jun 2026 7.4%
- IOB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 20% | Mar 2023 23% | Jun 2023 22% | Sep 2023 23% | Dec 2023 22% | Mar 2024 28% | Jun 2024 20% | Sep 2024 18% | Dec 2024 15% | Mar 2025 15% | Jun 2025 13% | Sep 2025 15% | Dec 2025 15% | Mar 2026 11% | Jun 2026 19%
- BANKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.1% | Sep 2022 21% | Dec 2022 36% | Mar 2023 37% | Jun 2023 44% | Sep 2023 30% | Dec 2023 20% | Mar 2024 20% | Jun 2024 18% | Sep 2024 16% | Dec 2024 20% | Mar 2025 14% | Jun 2025 8.3% | Sep 2025 6.0% | Dec 2025 4.0% | Mar 2026 5.9% | Jun 2026 8.8%
- MAHABANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 19% | Dec 2022 26% | Mar 2023 31% | Jun 2023 39% | Sep 2023 33% | Dec 2023 25% | Mar 2024 22% | Jun 2024 23% | Sep 2024 19% | Dec 2024 22% | Mar 2025 23% | Jun 2025 20% | Sep 2025 18% | Dec 2025 16% | Mar 2026 15% | Jun 2026 14%
- UCOBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.9% | Sep 2022 13% | Dec 2022 18% | Mar 2023 32% | Jun 2023 36% | Sep 2023 25% | Dec 2023 20% | Mar 2024 18% | Jun 2024 15% | Sep 2024 16% | Dec 2024 12% | Mar 2025 15% | Jun 2025 6.8% | Sep 2025 7.6% | Dec 2025 7.0% | Mar 2026 -1.3% | Jun 2026 —
- CENTRALBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.5% | Dec 2022 11% | Mar 2023 30% | Jun 2023 31% | Sep 2023 19% | Dec 2023 16% | Mar 2024 17% | Jun 2024 15% | Sep 2024 12% | Dec 2024 8.9% | Mar 2025 3.4% | Jun 2025 3.1% | Sep 2025 6.6% | Dec 2025 6.2% | Mar 2026 12% | Jun 2026 13%
- PSB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 13% | Mar 2023 17% | Jun 2023 29% | Sep 2023 22% | Dec 2023 18% | Mar 2024 18% | Jun 2024 15% | Sep 2024 14% | Dec 2024 18% | Mar 2025 27% | Jun 2025 9.8% | Sep 2025 9.5% | Dec 2025 3.8% | Mar 2026 -4.1% | Jun 2026 10%

## Profit Scale & Acceleration

What the numbers say: State Bank of India leads with ₹86,666 crore of TTM profit, 291.5% above Punjab National Bank. Indian Overseas Bank shows 51.8% growth from a ₹5,958 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: State Bank of India sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: State Bank of India · ₹86,666 crore | 291.5% versus #2 · Punjab National Bank | 7/8 recent comparable periods | 13/13 companies · 252 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. State Bank of India (SBIN): ₹86.7K Cr
2. Punjab National Bank (PNB): ₹22.1K Cr
3. Union Bank of India (UNIONBANK): ₹20.6K Cr
4. Bank of Baroda (BANKBARODA): ₹18.4K Cr
5. Canara Bank (CANBK): ₹17.9K Cr

### Profit growth — fastest growers
1. Indian Overseas Bank (IOB): 52%
2. Punjab National Bank (PNB): 32%
3. Bank of Maharashtra (MAHABANK): 31%
4. Punjab & Sind Bank (PSB): 25%
5. Bank of India (BANKINDIA): 24%

### 20-quarter Net profit history
- SBIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15.9K Cr | Mar 2023 ₹18.8K Cr | Jun 2023 ₹19.1K Cr | Sep 2023 ₹16.6K Cr | Dec 2023 ₹11.6K Cr | Mar 2024 ₹22.2K Cr | Jun 2024 ₹20.1K Cr | Sep 2024 ₹20.6K Cr | Dec 2024 ₹19.5K Cr | Mar 2025 ₹20.4K Cr | Jun 2025 ₹22.1K Cr | Sep 2025 ₹21.9K Cr | Dec 2025 ₹22.2K Cr | Mar 2026 ₹20.5K Cr | Jun 2026 —
- UNIONBANK: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 ₹5.6K Cr
- BANKBARODA: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 ₹1.8K Cr
- PNB: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹338 Cr | Jun 2022 ₹282 Cr | Sep 2022 ₹494 Cr | Dec 2022 ₹715 Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 ₹5.8K Cr
- CANBK: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- INDIANB: Sep 2021 ₹1.1K Cr | Dec 2021 ₹732 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 ₹3.4K Cr
- IDBI: Sep 2021 ₹589 Cr | Dec 2021 ₹612 Cr | Mar 2022 ₹735 Cr | Jun 2022 ₹769 Cr | Sep 2022 ₹776 Cr | Dec 2022 ₹950 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹2.1K Cr
- IOB: Sep 2021 ₹376 Cr | Dec 2021 ₹454 Cr | Mar 2022 ₹552 Cr | Jun 2022 ₹393 Cr | Sep 2022 ₹500 Cr | Dec 2022 ₹555 Cr | Mar 2023 ₹656 Cr | Jun 2023 ₹504 Cr | Sep 2023 ₹627 Cr | Dec 2023 ₹724 Cr | Mar 2024 ₹810 Cr | Jun 2024 ₹649 Cr | Sep 2024 ₹780 Cr | Dec 2024 ₹875 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.7K Cr
- BANKINDIA: Sep 2021 ₹1.1K Cr | Dec 2021 ₹996 Cr | Mar 2022 ₹688 Cr | Jun 2022 ₹658 Cr | Sep 2022 ₹854 Cr | Dec 2022 ₹915 Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 ₹3.3K Cr
- MAHABANK: Sep 2021 ₹274 Cr | Dec 2021 ₹310 Cr | Mar 2022 ₹356 Cr | Jun 2022 ₹453 Cr | Sep 2022 ₹535 Cr | Dec 2022 ₹777 Cr | Mar 2023 ₹841 Cr | Jun 2023 ₹884 Cr | Sep 2023 ₹920 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹2.0K Cr
- UCOBANK: Sep 2021 ₹205 Cr | Dec 2021 ₹310 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹117 Cr | Sep 2022 ₹497 Cr | Dec 2022 ₹654 Cr | Mar 2023 ₹557 Cr | Jun 2023 ₹225 Cr | Sep 2023 ₹404 Cr | Dec 2023 ₹505 Cr | Mar 2024 ₹538 Cr | Jun 2024 ₹555 Cr | Sep 2024 ₹607 Cr | Dec 2024 ₹640 Cr | Mar 2025 ₹666 Cr | Jun 2025 ₹607 Cr | Sep 2025 ₹620 Cr | Dec 2025 ₹740 Cr | Mar 2026 ₹801 Cr | Jun 2026 —
- CENTRALBK: Sep 2021 ₹201 Cr | Dec 2021 ₹282 Cr | Mar 2022 ₹342 Cr | Jun 2022 ₹273 Cr | Sep 2022 ₹341 Cr | Dec 2022 ₹476 Cr | Mar 2023 ₹592 Cr | Jun 2023 ₹498 Cr | Sep 2023 ₹623 Cr | Dec 2023 ₹738 Cr | Mar 2024 ₹817 Cr | Jun 2024 ₹945 Cr | Sep 2024 ₹926 Cr | Dec 2024 ₹966 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹748 Cr | Jun 2026 ₹1.3K Cr
- PSB: Sep 2021 ₹218 Cr | Dec 2021 ₹301 Cr | Mar 2022 ₹346 Cr | Jun 2022 ₹205 Cr | Sep 2022 ₹278 Cr | Dec 2022 ₹373 Cr | Mar 2023 ₹457 Cr | Jun 2023 ₹153 Cr | Sep 2023 ₹189 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹182 Cr | Sep 2024 ₹240 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹313 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹295 Cr | Dec 2025 ₹336 Cr | Mar 2026 ₹422 Cr | Jun 2026 ₹332 Cr

### 20-quarter Profit growth history
- SBIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -27% | Mar 2024 18% | Jun 2024 5.2% | Sep 2024 24% | Dec 2024 68% | Mar 2025 -8.2% | Jun 2025 10% | Sep 2025 6.3% | Dec 2025 14% | Mar 2026 0.6% | Jun 2026 —
- UNIONBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 23% | Dec 2022 110% | Mar 2023 81% | Jun 2023 107% | Sep 2023 93% | Dec 2023 60% | Mar 2024 18% | Jun 2024 11% | Sep 2024 33% | Dec 2024 28% | Mar 2025 51% | Jun 2025 22% | Sep 2025 -6.8% | Dec 2025 9.7% | Mar 2026 9.8% | Jun 2026 27%
- BANKBARODA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 64% | Sep 2022 57% | Dec 2022 77% | Mar 2023 162% | Jun 2023 130% | Sep 2023 30% | Dec 2023 11% | Mar 2024 -2.9% | Jun 2024 6.6% | Sep 2024 22% | Dec 2024 9.0% | Mar 2025 5.6% | Jun 2025 -26% | Sep 2025 -4.1% | Dec 2025 4.8% | Mar 2026 7.8% | Jun 2026 -48%
- PNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -55% | Dec 2022 -43% | Mar 2023 455% | Jun 2023 383% | Sep 2023 303% | Dec 2023 241% | Mar 2024 79% | Jun 2024 193% | Sep 2024 138% | Dec 2024 97% | Mar 2025 49% | Jun 2025 -46% | Sep 2025 8.1% | Dec 2025 16% | Mar 2026 12% | Jun 2026 169%
- CANBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 77% | Sep 2022 106% | Dec 2022 85% | Mar 2023 75% | Jun 2023 72% | Sep 2023 42% | Dec 2023 25% | Mar 2024 19% | Jun 2024 9.1% | Sep 2024 10% | Dec 2024 11% | Mar 2025 28% | Jun 2025 -21% | Sep 2025 16% | Dec 2025 22% | Mar 2026 -10% | Jun 2026 —
- INDIANB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 99% | Mar 2023 48% | Jun 2023 41% | Sep 2023 61% | Dec 2023 52% | Mar 2024 51% | Jun 2024 39% | Sep 2024 35% | Dec 2024 32% | Mar 2025 30% | Jun 2025 -11% | Sep 2025 11% | Dec 2025 8.2% | Mar 2026 6.4% | Jun 2026 47%
- IDBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 32% | Dec 2022 55% | Mar 2023 66% | Jun 2023 60% | Sep 2023 80% | Dec 2023 59% | Mar 2024 37% | Jun 2024 41% | Sep 2024 34% | Dec 2024 29% | Mar 2025 25% | Jun 2025 16% | Sep 2025 73% | Dec 2025 0.3% | Mar 2026 -3.9% | Jun 2026 5.3%
- IOB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 33% | Dec 2022 22% | Mar 2023 19% | Jun 2023 28% | Sep 2023 25% | Dec 2023 30% | Mar 2024 23% | Jun 2024 29% | Sep 2024 24% | Dec 2024 21% | Mar 2025 35% | Jun 2025 82% | Sep 2025 61% | Dec 2025 63% | Mar 2026 42% | Jun 2026 46%
- BANKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 -20% | Dec 2022 -8.1% | Mar 2023 105% | Jun 2023 137% | Sep 2023 76% | Dec 2023 111% | Mar 2024 11% | Jun 2024 21% | Sep 2024 62% | Dec 2024 37% | Mar 2025 65% | Jun 2025 -3.1% | Sep 2025 6.4% | Dec 2025 6.7% | Mar 2026 19% | Jun 2026 80%
- MAHABANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 95% | Dec 2022 151% | Mar 2023 136% | Jun 2023 95% | Sep 2023 72% | Dec 2023 34% | Mar 2024 46% | Jun 2024 46% | Sep 2024 45% | Dec 2024 36% | Mar 2025 22% | Jun 2025 16% | Sep 2025 25% | Dec 2025 27% | Mar 2026 36% | Jun 2026 35%
- UCOBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 142% | Dec 2022 111% | Mar 2023 77% | Jun 2023 92% | Sep 2023 -19% | Dec 2023 -23% | Mar 2024 -3.4% | Jun 2024 147% | Sep 2024 50% | Dec 2024 27% | Mar 2025 24% | Jun 2025 9.4% | Sep 2025 2.1% | Dec 2025 16% | Mar 2026 20% | Jun 2026 —
- CENTRALBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 70% | Dec 2022 69% | Mar 2023 73% | Jun 2023 82% | Sep 2023 83% | Dec 2023 55% | Mar 2024 38% | Jun 2024 90% | Sep 2024 49% | Dec 2024 31% | Mar 2025 35% | Jun 2025 36% | Sep 2025 33% | Dec 2025 31% | Mar 2026 -32% | Jun 2026 3.2%
- PSB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 28% | Dec 2022 24% | Mar 2023 32% | Jun 2023 -25% | Sep 2023 -32% | Dec 2023 -69% | Mar 2024 -70% | Jun 2024 19% | Sep 2024 27% | Dec 2024 147% | Mar 2025 125% | Jun 2025 48% | Sep 2025 23% | Dec 2025 19% | Mar 2026 35% | Jun 2026 23%

## Funding Base & Its Composition

What the numbers say: Punjab National Bank leads deposits at ₹17,38,908 crore; State Bank of India leads borrowings at ₹7,77,302 crore.

Investor read: Punjab National Bank sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: Punjab National Bank · ₹17,38,908 crore | 3.8% versus #2 · Bank of Baroda | 8/8 recent comparable periods | 12/13 companies · 222 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases
1. Punjab National Bank (PNB): ₹17.4 L Cr
2. Bank of Baroda (BANKBARODA): ₹16.8 L Cr
3. Canara Bank (CANBK): ₹15.7 L Cr
4. Union Bank of India (UNIONBANK): ₹12.9 L Cr
5. Bank of India (BANKINDIA): ₹9.3 L Cr

### Borrowings — largest borrowings
1. State Bank of India (SBIN): ₹7.8 L Cr
2. Bank of Baroda (BANKBARODA): ₹1.7 L Cr
3. Canara Bank (CANBK): ₹1.6 L Cr
4. Bank of India (BANKINDIA): ₹1.2 L Cr
5. Punjab National Bank (PNB): ₹1.0 L Cr

### 20-quarter Deposits history
- UNIONBANK: Sep 2021 ₹9.2 L Cr | Dec 2021 ₹9.4 L Cr | Mar 2022 ₹10.3 L Cr | Jun 2022 ₹9.9 L Cr | Sep 2022 ₹10.5 L Cr | Dec 2022 ₹10.7 L Cr | Mar 2023 ₹11.2 L Cr | Jun 2023 ₹11.3 L Cr | Sep 2023 ₹11.4 L Cr | Dec 2023 ₹11.8 L Cr | Mar 2024 ₹12.2 L Cr | Jun 2024 ₹12.3 L Cr | Sep 2024 ₹12.5 L Cr | Dec 2024 ₹12.2 L Cr | Mar 2025 ₹12.7 L Cr | Jun 2025 ₹12.4 L Cr | Sep 2025 ₹12.4 L Cr | Dec 2025 ₹12.3 L Cr | Mar 2026 ₹13.1 L Cr | Jun 2026 ₹12.9 L Cr
- BANKBARODA: Sep 2021 ₹9.9 L Cr | Dec 2021 ₹10.1 L Cr | Mar 2022 ₹10.8 L Cr | Jun 2022 ₹10.6 L Cr | Sep 2022 ₹11.2 L Cr | Dec 2022 ₹11.8 L Cr | Mar 2023 ₹12.3 L Cr | Jun 2023 ₹12.3 L Cr | Sep 2023 ₹12.8 L Cr | Dec 2023 ₹12.7 L Cr | Mar 2024 ₹13.6 L Cr | Jun 2024 ₹13.3 L Cr | Sep 2024 ₹13.9 L Cr | Dec 2024 ₹14.2 L Cr | Mar 2025 ₹15.0 L Cr | Jun 2025 ₹14.6 L Cr | Sep 2025 ₹15.3 L Cr | Dec 2025 ₹15.7 L Cr | Mar 2026 ₹16.8 L Cr | Jun 2026 —
- PNB: Sep 2021 ₹11.2 L Cr | Dec 2021 ₹11.4 L Cr | Mar 2022 ₹11.5 L Cr | Jun 2022 ₹11.4 L Cr | Sep 2022 ₹12.0 L Cr | Dec 2022 ₹12.2 L Cr | Mar 2023 ₹12.9 L Cr | Jun 2023 ₹13.1 L Cr | Sep 2023 ₹13.2 L Cr | Dec 2023 ₹13.3 L Cr | Mar 2024 ₹13.8 L Cr | Jun 2024 ₹14.2 L Cr | Sep 2024 ₹14.7 L Cr | Dec 2024 ₹15.4 L Cr | Mar 2025 ₹15.8 L Cr | Jun 2025 — | Sep 2025 ₹16.3 L Cr | Dec 2025 ₹16.7 L Cr | Mar 2026 ₹17.2 L Cr | Jun 2026 ₹17.4 L Cr
- CANBK: Sep 2021 ₹10.3 L Cr | Dec 2021 ₹10.4 L Cr | Mar 2022 ₹10.9 L Cr | Jun 2022 ₹11.2 L Cr | Sep 2022 ₹11.4 L Cr | Dec 2022 ₹11.6 L Cr | Mar 2023 ₹11.8 L Cr | Jun 2023 ₹11.9 L Cr | Sep 2023 ₹12.3 L Cr | Dec 2023 ₹12.6 L Cr | Mar 2024 ₹13.1 L Cr | Jun 2024 ₹13.4 L Cr | Sep 2024 ₹13.5 L Cr | Dec 2024 ₹13.7 L Cr | Mar 2025 ₹14.6 L Cr | Jun 2025 — | Sep 2025 ₹15.3 L Cr | Dec 2025 ₹15.2 L Cr | Mar 2026 ₹15.7 L Cr | Jun 2026 —
- INDIANB: Sep 2021 ₹5.5 L Cr | Dec 2021 — | Mar 2022 ₹5.9 L Cr | Jun 2022 — | Sep 2022 ₹5.9 L Cr | Dec 2022 — | Mar 2023 ₹6.2 L Cr | Jun 2023 — | Sep 2023 ₹6.4 L Cr | Dec 2023 — | Mar 2024 ₹6.9 L Cr | Jun 2024 — | Sep 2024 ₹6.9 L Cr | Dec 2024 — | Mar 2025 ₹7.4 L Cr | Jun 2025 ₹7.4 L Cr | Sep 2025 ₹7.8 L Cr | Dec 2025 ₹7.9 L Cr | Mar 2026 ₹8.3 L Cr | Jun 2026 ₹8.4 L Cr
- IDBI: Sep 2021 ₹2.2 L Cr | Dec 2021 ₹2.2 L Cr | Mar 2022 ₹2.3 L Cr | Jun 2022 ₹2.3 L Cr | Sep 2022 ₹2.3 L Cr | Dec 2022 ₹2.3 L Cr | Mar 2023 ₹2.6 L Cr | Jun 2023 ₹2.4 L Cr | Sep 2023 ₹2.5 L Cr | Dec 2023 ₹2.6 L Cr | Mar 2024 ₹2.8 L Cr | Jun 2024 ₹2.8 L Cr | Sep 2024 ₹2.8 L Cr | Dec 2024 ₹2.8 L Cr | Mar 2025 ₹3.1 L Cr | Jun 2025 ₹3.0 L Cr | Sep 2025 ₹3.0 L Cr | Dec 2025 ₹3.1 L Cr | Mar 2026 ₹3.5 L Cr | Jun 2026 ₹3.3 L Cr
- IOB: Sep 2021 ₹2.5 L Cr | Dec 2021 ₹2.5 L Cr | Mar 2022 ₹2.6 L Cr | Jun 2022 — | Sep 2022 ₹2.6 L Cr | Dec 2022 ₹2.6 L Cr | Mar 2023 ₹2.6 L Cr | Jun 2023 ₹2.6 L Cr | Sep 2023 ₹2.7 L Cr | Dec 2023 ₹2.8 L Cr | Mar 2024 ₹2.9 L Cr | Jun 2024 ₹3.0 L Cr | Sep 2024 ₹3.1 L Cr | Dec 2024 ₹3.1 L Cr | Mar 2025 ₹3.1 L Cr | Jun 2025 ₹3.3 L Cr | Sep 2025 ₹3.4 L Cr | Dec 2025 ₹3.5 L Cr | Mar 2026 ₹3.7 L Cr | Jun 2026 ₹3.8 L Cr
- BANKINDIA: Sep 2021 ₹6.2 L Cr | Dec 2021 ₹6.3 L Cr | Mar 2022 ₹6.3 L Cr | Jun 2022 — | Sep 2022 ₹6.5 L Cr | Dec 2022 ₹6.6 L Cr | Mar 2023 ₹6.7 L Cr | Jun 2023 — | Sep 2023 ₹7.1 L Cr | Dec 2023 ₹7.1 L Cr | Mar 2024 ₹7.4 L Cr | Jun 2024 ₹7.7 L Cr | Sep 2024 ₹7.8 L Cr | Dec 2024 ₹8.0 L Cr | Mar 2025 ₹8.2 L Cr | Jun 2025 — | Sep 2025 ₹8.6 L Cr | Dec 2025 ₹8.9 L Cr | Mar 2026 ₹9.3 L Cr | Jun 2026 —
- MAHABANK: Sep 2021 ₹1.8 L Cr | Dec 2021 ₹1.9 L Cr | Mar 2022 ₹2.0 L Cr | Jun 2022 ₹2.0 L Cr | Sep 2022 ₹2.0 L Cr | Dec 2022 ₹2.1 L Cr | Mar 2023 ₹2.3 L Cr | Jun 2023 ₹2.4 L Cr | Sep 2023 ₹2.4 L Cr | Dec 2023 ₹2.5 L Cr | Mar 2024 ₹2.7 L Cr | Jun 2024 ₹2.7 L Cr | Sep 2024 ₹2.8 L Cr | Dec 2024 ₹2.8 L Cr | Mar 2025 ₹3.1 L Cr | Jun 2025 ₹3.1 L Cr | Sep 2025 ₹3.1 L Cr | Dec 2025 ₹3.2 L Cr | Mar 2026 ₹3.5 L Cr | Jun 2026 ₹3.4 L Cr
- UCOBANK: Sep 2021 ₹2.1 L Cr | Dec 2021 ₹2.2 L Cr | Mar 2022 ₹2.2 L Cr | Jun 2022 ₹2.3 L Cr | Sep 2022 ₹2.4 L Cr | Dec 2022 ₹2.4 L Cr | Mar 2023 ₹2.5 L Cr | Jun 2023 ₹2.5 L Cr | Sep 2023 ₹2.5 L Cr | Dec 2023 ₹2.6 L Cr | Mar 2024 ₹2.6 L Cr | Jun 2024 ₹2.7 L Cr | Sep 2024 ₹2.8 L Cr | Dec 2024 ₹2.8 L Cr | Mar 2025 ₹2.9 L Cr | Jun 2025 ₹3.0 L Cr | Sep 2025 ₹3.1 L Cr | Dec 2025 ₹3.1 L Cr | Mar 2026 ₹3.3 L Cr | Jun 2026 —
- CENTRALBK: Sep 2021 ₹3.4 L Cr | Dec 2021 ₹3.4 L Cr | Mar 2022 ₹3.4 L Cr | Jun 2022 ₹3.4 L Cr | Sep 2022 ₹3.4 L Cr | Dec 2022 ₹3.5 L Cr | Mar 2023 ₹3.6 L Cr | Jun 2023 ₹3.6 L Cr | Sep 2023 ₹3.7 L Cr | Dec 2023 ₹3.8 L Cr | Mar 2024 ₹3.9 L Cr | Jun 2024 ₹3.9 L Cr | Sep 2024 ₹3.9 L Cr | Dec 2024 ₹4.0 L Cr | Mar 2025 ₹4.1 L Cr | Jun 2025 ₹4.3 L Cr | Sep 2025 ₹4.5 L Cr | Dec 2025 ₹4.5 L Cr | Mar 2026 ₹4.7 L Cr | Jun 2026 ₹4.8 L Cr
- PSB: Sep 2021 ₹1.0 L Cr | Dec 2021 ₹1.0 L Cr | Mar 2022 ₹1.0 L Cr | Jun 2022 ₹1.0 L Cr | Sep 2022 ₹1.1 L Cr | Dec 2022 ₹1.1 L Cr | Mar 2023 ₹1.1 L Cr | Jun 2023 ₹1.1 L Cr | Sep 2023 ₹1.2 L Cr | Dec 2023 ₹1.2 L Cr | Mar 2024 ₹1.2 L Cr | Jun 2024 — | Sep 2024 ₹1.2 L Cr | Dec 2024 ₹1.3 L Cr | Mar 2025 ₹1.3 L Cr | Jun 2025 ₹1.3 L Cr | Sep 2025 ₹1.4 L Cr | Dec 2025 ₹1.4 L Cr | Mar 2026 ₹1.5 L Cr | Jun 2026 ₹1.5 L Cr

### 20-quarter Borrowings history
- SBIN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4.5 L Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5.2 L Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹6.4 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹6.1 L Cr | Jun 2025 — | Sep 2025 ₹6.5 L Cr | Dec 2025 — | Mar 2026 ₹7.8 L Cr | Jun 2026 —
- UNIONBANK: Sep 2021 ₹51.9K Cr | Dec 2021 ₹54.3K Cr | Mar 2022 ₹51.2K Cr | Jun 2022 ₹57.7K Cr | Sep 2022 ₹56.6K Cr | Dec 2022 ₹58.1K Cr | Mar 2023 ₹42.7K Cr | Jun 2023 ₹31.9K Cr | Sep 2023 ₹52.7K Cr | Dec 2023 ₹37.3K Cr | Mar 2024 ₹27.0K Cr | Jun 2024 ₹25.5K Cr | Sep 2024 ₹25.9K Cr | Dec 2024 ₹32.7K Cr | Mar 2025 ₹65.0K Cr | Jun 2025 ₹67.8K Cr | Sep 2025 ₹69.2K Cr | Dec 2025 ₹79.1K Cr | Mar 2026 ₹77.8K Cr | Jun 2026 ₹73.3K Cr
- BANKBARODA: Sep 2021 ₹99.2K Cr | Dec 2021 ₹96.1K Cr | Mar 2022 ₹1.1 L Cr | Jun 2022 ₹1.3 L Cr | Sep 2022 ₹1.2 L Cr | Dec 2022 ₹1.1 L Cr | Mar 2023 ₹1.1 L Cr | Jun 2023 ₹1.2 L Cr | Sep 2023 ₹1.3 L Cr | Dec 2023 ₹1.4 L Cr | Mar 2024 ₹1.0 L Cr | Jun 2024 ₹1.0 L Cr | Sep 2024 ₹1.2 L Cr | Dec 2024 ₹1.4 L Cr | Mar 2025 ₹1.4 L Cr | Jun 2025 ₹1.3 L Cr | Sep 2025 ₹1.5 L Cr | Dec 2025 ₹1.4 L Cr | Mar 2026 ₹1.7 L Cr | Jun 2026 —
- PNB: Sep 2021 ₹50.4K Cr | Dec 2021 ₹68.6K Cr | Mar 2022 ₹59.4K Cr | Jun 2022 ₹81.4K Cr | Sep 2022 ₹73.6K Cr | Dec 2022 ₹82.2K Cr | Mar 2023 ₹70.1K Cr | Jun 2023 ₹76.0K Cr | Sep 2023 ₹74.7K Cr | Dec 2023 ₹83.3K Cr | Mar 2024 ₹72.6K Cr | Jun 2024 ₹72.8K Cr | Sep 2024 ₹94.5K Cr | Dec 2024 ₹90.1K Cr | Mar 2025 ₹1.1 L Cr | Jun 2025 ₹1.1 L Cr | Sep 2025 ₹1.1 L Cr | Dec 2025 ₹1.1 L Cr | Mar 2026 ₹1.1 L Cr | Jun 2026 ₹1.0 L Cr
- CANBK: Sep 2021 ₹75.2K Cr | Dec 2021 ₹54.1K Cr | Mar 2022 ₹46.3K Cr | Jun 2022 ₹55.2K Cr | Sep 2022 ₹62.5K Cr | Dec 2022 ₹55.4K Cr | Mar 2023 ₹58.1K Cr | Jun 2023 ₹84.9K Cr | Sep 2023 ₹81.1K Cr | Dec 2023 ₹88.5K Cr | Mar 2024 ₹57.5K Cr | Jun 2024 ₹73.0K Cr | Sep 2024 ₹94.8K Cr | Dec 2024 ₹92.5K Cr | Mar 2025 ₹89.7K Cr | Jun 2025 ₹89.7K Cr | Sep 2025 ₹91.1K Cr | Dec 2025 ₹1.5 L Cr | Mar 2026 ₹1.6 L Cr | Jun 2026 —
- INDIANB: Sep 2021 ₹21.0K Cr | Dec 2021 ₹21.0K Cr | Mar 2022 ₹17.2K Cr | Jun 2022 ₹17.2K Cr | Sep 2022 ₹22.1K Cr | Dec 2022 ₹22.1K Cr | Mar 2023 ₹22.1K Cr | Jun 2023 ₹22.1K Cr | Sep 2023 ₹24.9K Cr | Dec 2023 ₹24.9K Cr | Mar 2024 ₹23.1K Cr | Jun 2024 ₹23.1K Cr | Sep 2024 ₹33.4K Cr | Dec 2024 ₹33.4K Cr | Mar 2025 ₹41.6K Cr | Jun 2025 ₹53.1K Cr | Sep 2025 ₹42.3K Cr | Dec 2025 ₹49.0K Cr | Mar 2026 ₹46.8K Cr | Jun 2026 ₹48.3K Cr
- IDBI: Sep 2021 ₹15.4K Cr | Dec 2021 ₹16.3K Cr | Mar 2022 ₹14.3K Cr | Jun 2022 ₹15.6K Cr | Sep 2022 ₹21.7K Cr | Dec 2022 ₹15.8K Cr | Mar 2023 ₹12.6K Cr | Jun 2023 ₹27.3K Cr | Sep 2023 ₹20.7K Cr | Dec 2023 ₹23.1K Cr | Mar 2024 ₹17.1K Cr | Jun 2024 ₹21.4K Cr | Sep 2024 ₹20.3K Cr | Dec 2024 ₹18.8K Cr | Mar 2025 ₹19.9K Cr | Jun 2025 ₹22.5K Cr | Sep 2025 ₹24.3K Cr | Dec 2025 ₹27.2K Cr | Mar 2026 ₹28.1K Cr | Jun 2026 ₹26.2K Cr
- IOB: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹11.4K Cr | Dec 2022 ₹13.4K Cr | Mar 2023 ₹20.8K Cr | Jun 2023 ₹17.8K Cr | Sep 2023 ₹29.5K Cr | Dec 2023 ₹31.0K Cr | Mar 2024 ₹30.4K Cr | Jun 2024 ₹33.1K Cr | Sep 2024 ₹28.8K Cr | Dec 2024 ₹43.1K Cr | Mar 2025 ₹42.2K Cr | Jun 2025 ₹40.4K Cr | Sep 2025 ₹46.4K Cr | Dec 2025 ₹46.8K Cr | Mar 2026 ₹51.6K Cr | Jun 2026 ₹47.2K Cr
- BANKINDIA: Sep 2021 ₹23.5K Cr | Dec 2021 ₹30.5K Cr | Mar 2022 ₹26.8K Cr | Jun 2022 ₹26.8K Cr | Sep 2022 ₹45.9K Cr | Dec 2022 ₹59.8K Cr | Mar 2023 ₹65.0K Cr | Jun 2023 ₹65.0K Cr | Sep 2023 ₹65.4K Cr | Dec 2023 ₹75.8K Cr | Mar 2024 ₹81.0K Cr | Jun 2024 ₹84.4K Cr | Sep 2024 ₹1.2 L Cr | Dec 2024 ₹1.4 L Cr | Mar 2025 ₹1.2 L Cr | Jun 2025 ₹1.2 L Cr | Sep 2025 ₹1.2 L Cr | Dec 2025 ₹1.1 L Cr | Mar 2026 ₹1.2 L Cr | Jun 2026 —
- MAHABANK: Sep 2021 ₹7.9K Cr | Dec 2021 ₹16.1K Cr | Mar 2022 ₹7.7K Cr | Jun 2022 ₹19.3K Cr | Sep 2022 ₹22.9K Cr | Dec 2022 ₹18.3K Cr | Mar 2023 ₹10.8K Cr | Jun 2023 ₹6.6K Cr | Sep 2023 ₹8.7K Cr | Dec 2023 ₹7.3K Cr | Mar 2024 ₹7.7K Cr | Jun 2024 ₹9.4K Cr | Sep 2024 ₹10.5K Cr | Dec 2024 ₹15.2K Cr | Mar 2025 ₹23.9K Cr | Jun 2025 ₹23.7K Cr | Sep 2025 ₹24.9K Cr | Dec 2025 ₹30.4K Cr | Mar 2026 ₹35.2K Cr | Jun 2026 ₹38.7K Cr
- UCOBANK: Sep 2021 ₹15.9K Cr | Dec 2021 ₹14.2K Cr | Mar 2022 ₹13.5K Cr | Jun 2022 ₹12.7K Cr | Sep 2022 ₹19.6K Cr | Dec 2022 ₹22.1K Cr | Mar 2023 ₹20.5K Cr | Jun 2023 ₹22.3K Cr | Sep 2023 ₹32.9K Cr | Dec 2023 ₹28.9K Cr | Mar 2024 ₹25.3K Cr | Jun 2024 ₹29.0K Cr | Sep 2024 ₹21.7K Cr | Dec 2024 ₹30.1K Cr | Mar 2025 ₹28.7K Cr | Jun 2025 ₹26.5K Cr | Sep 2025 ₹21.5K Cr | Dec 2025 ₹25.5K Cr | Mar 2026 ₹23.3K Cr | Jun 2026 —
- CENTRALBK: Sep 2021 ₹6.2K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 ₹7.7K Cr | Jun 2022 ₹12.9K Cr | Sep 2022 ₹7.8K Cr | Dec 2022 ₹8.7K Cr | Mar 2023 ₹8.3K Cr | Jun 2023 ₹10.2K Cr | Sep 2023 ₹17.1K Cr | Dec 2023 ₹23.2K Cr | Mar 2024 ₹20.0K Cr | Jun 2024 ₹23.0K Cr | Sep 2024 ₹13.3K Cr | Dec 2024 ₹27.4K Cr | Mar 2025 ₹21.8K Cr | Jun 2025 ₹7.1K Cr | Sep 2025 ₹12.4K Cr | Dec 2025 ₹33.2K Cr | Mar 2026 ₹31.9K Cr | Jun 2026 ₹28.8K Cr
- PSB: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹8.4K Cr | Dec 2022 ₹8.8K Cr | Mar 2023 ₹9.0K Cr | Jun 2023 ₹9.0K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹9.8K Cr | Jun 2024 ₹9.8K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹12.6K Cr | Mar 2025 ₹14.2K Cr | Jun 2025 ₹12.5K Cr | Sep 2025 ₹12.5K Cr | Dec 2025 ₹14.4K Cr | Mar 2026 ₹16.4K Cr | Jun 2026 ₹16.9K Cr

## Return On Assets

What the numbers say: Bank of Maharashtra leads roa at 2%; Indian Overseas Bank leads roa change at +0.3 percentage points.

Investor read: Bank of Maharashtra sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Bank of Maharashtra · 2% | 11.1% versus #2 · IDBI Bank Ltd | 6/8 recent comparable periods | 13/13 companies · 220 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Bank of Maharashtra (MAHABANK): 2.0%
2. IDBI Bank Ltd (IDBI): 1.8%
3. Indian Overseas Bank (IOB): 1.4%
4. Union Bank of India (UNIONBANK): 1.4%
5. Indian Bank (INDIANB): 1.3%

### ROA change — fastest improvers
1. Indian Overseas Bank (IOB): +0.3 pp
2. Bank of Maharashtra (MAHABANK): +0.3 pp
3. Punjab & Sind Bank (PSB): +0.2 pp
4. Canara Bank (CANBK): +0.1 pp
5. Indian Bank (INDIANB): +0.1 pp

### 20-quarter ROA history
- UNIONBANK: Sep 2021 — | Dec 2021 0.6% | Mar 2022 0.4% | Jun 2022 0.5% | Sep 2022 0.5% | Dec 2022 0.6% | Mar 2023 0.7% | Jun 2023 0.9% | Sep 2023 1.0% | Dec 2023 1.1% | Mar 2024 1.1% | Jun 2024 1.0% | Sep 2024 1.0% | Dec 2024 1.3% | Mar 2025 1.3% | Jun 2025 1.4% | Sep 2025 1.2% | Dec 2025 1.2% | Mar 2026 1.4% | Jun 2026 1.4%
- BANKBARODA: Sep 2021 0.4% | Dec 2021 0.7% | Mar 2022 0.8% | Jun 2022 0.6% | Sep 2022 0.6% | Dec 2022 1.0% | Mar 2023 1.2% | Jun 2023 1.4% | Sep 2023 1.2% | Dec 2023 1.1% | Mar 2024 1.2% | Jun 2024 1.3% | Sep 2024 1.2% | Dec 2024 1.3% | Mar 2025 1.2% | Jun 2025 1.2% | Sep 2025 0.8% | Dec 2025 1.1% | Mar 2026 1.1% | Jun 2026 —
- PNB: Sep 2021 — | Dec 2021 0.4% | Mar 2022 0.4% | Jun 2022 0.1% | Sep 2022 0.1% | Dec 2022 0.1% | Mar 2023 0.2% | Jun 2023 0.5% | Sep 2023 0.4% | Dec 2023 0.5% | Mar 2024 0.6% | Jun 2024 0.9% | Sep 2024 1.0% | Dec 2024 1.1% | Mar 2025 1.1% | Jun 2025 1.1% | Sep 2025 0.9% | Dec 2025 0.9% | Mar 2026 1.1% | Jun 2026 1.1%
- CANBK: Sep 2021 0.4% | Dec 2021 0.4% | Mar 2022 0.6% | Jun 2022 0.7% | Sep 2022 0.7% | Dec 2022 0.8% | Mar 2023 0.9% | Jun 2023 1.0% | Sep 2023 1.1% | Dec 2023 1.1% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 1.0% | Jun 2025 1.2% | Sep 2025 1.0% | Dec 2025 1.0% | Mar 2026 1.1% | Jun 2026 —
- INDIANB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.6% | Dec 2022 — | Mar 2023 0.8% | Jun 2023 — | Sep 2023 0.9% | Dec 2023 — | Mar 2024 1.1% | Jun 2024 — | Sep 2024 1.2% | Dec 2024 — | Mar 2025 1.3% | Jun 2025 1.2% | Sep 2025 1.0% | Dec 2025 1.4% | Mar 2026 1.3% | Jun 2026 1.3%
- IDBI: Sep 2021 — | Dec 2021 0.8% | Mar 2022 0.8% | Jun 2022 1.0% | Sep 2022 1.0% | Dec 2022 1.0% | Mar 2023 1.2% | Jun 2023 1.5% | Sep 2023 1.5% | Dec 2023 1.7% | Mar 2024 1.8% | Jun 2024 1.9% | Sep 2024 1.9% | Dec 2024 2.0% | Mar 2025 2.1% | Jun 2025 2.1% | Sep 2025 2.0% | Dec 2025 3.2% | Mar 2026 1.9% | Jun 2026 1.8%
- IOB: Sep 2021 — | Dec 2021 0.5% | Mar 2022 0.6% | Jun 2022 0.8% | Sep 2022 0.5% | Dec 2022 0.7% | Mar 2023 0.7% | Jun 2023 0.9% | Sep 2023 0.6% | Dec 2023 0.8% | Mar 2024 0.9% | Jun 2024 0.9% | Sep 2024 0.7% | Dec 2024 0.8% | Mar 2025 0.9% | Jun 2025 1.1% | Sep 2025 1.2% | Dec 2025 1.2% | Mar 2026 1.3% | Jun 2026 1.4%
- BANKINDIA: Sep 2021 0.4% | Dec 2021 0.6% | Mar 2022 0.5% | Jun 2022 0.4% | Sep 2022 0.4% | Dec 2022 0.4% | Mar 2023 0.5% | Jun 2023 0.7% | Sep 2023 0.6% | Dec 2023 0.7% | Mar 2024 0.9% | Jun 2024 0.7% | Sep 2024 0.8% | Dec 2024 1.0% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 0.9% | Dec 2025 0.9% | Mar 2026 1.0% | Jun 2026 —
- MAHABANK: Sep 2021 — | Dec 2021 0.5% | Mar 2022 0.6% | Jun 2022 0.6% | Sep 2022 0.8% | Dec 2022 0.9% | Mar 2023 1.3% | Jun 2023 1.3% | Sep 2023 1.3% | Dec 2023 1.3% | Mar 2024 1.5% | Jun 2024 1.7% | Sep 2024 1.7% | Dec 2024 1.7% | Mar 2025 1.7% | Jun 2025 1.7% | Sep 2025 1.6% | Dec 2025 1.8% | Mar 2026 1.9% | Jun 2026 2.0%
- UCOBANK: Sep 2021 0.2% | Dec 2021 0.3% | Mar 2022 0.5% | Jun 2022 0.5% | Sep 2022 0.2% | Dec 2022 0.7% | Mar 2023 0.9% | Jun 2023 0.8% | Sep 2023 0.3% | Dec 2023 0.5% | Mar 2024 0.6% | Jun 2024 0.7% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 0.8% | Jun 2025 0.8% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 0.8% | Jun 2026 —
- CENTRALBK: Sep 2021 — | Dec 2021 0.2% | Mar 2022 0.3% | Jun 2022 0.4% | Sep 2022 0.3% | Dec 2022 0.4% | Mar 2023 0.5% | Jun 2023 0.6% | Sep 2023 0.5% | Dec 2023 0.6% | Mar 2024 0.7% | Jun 2024 0.7% | Sep 2024 0.8% | Dec 2024 0.8% | Mar 2025 0.8% | Jun 2025 0.9% | Sep 2025 1.1% | Dec 2025 1.0% | Mar 2026 1.0% | Jun 2026 0.6%
- PSB: Sep 2021 — | Dec 2021 0.8% | Mar 2022 1.0% | Jun 2022 1.2% | Sep 2022 0.7% | Dec 2022 0.9% | Mar 2023 1.1% | Jun 2023 1.3% | Sep 2023 0.4% | Dec 2023 0.5% | Mar 2024 0.3% | Jun 2024 0.4% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.7% | Jun 2025 0.8% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 0.8% | Jun 2026 1.0%

### 20-quarter ROA change history
- UNIONBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0 pp | Mar 2023 +0.3 pp | Jun 2023 +0.4 pp | Sep 2023 +0.5 pp | Dec 2023 +0.5 pp | Mar 2024 +0.4 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 +0.2 pp | Jun 2025 +0.4 pp | Sep 2025 +0.2 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp | Jun 2026 0.0 pp
- BANKBARODA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 +0.4 pp | Jun 2023 +0.8 pp | Sep 2023 +0.6 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 −0.4 pp | Dec 2025 −0.2 pp | Mar 2026 −0.1 pp | Jun 2026 —
- PNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.3 pp | Mar 2023 −0.2 pp | Jun 2023 +0.4 pp | Sep 2023 +0.3 pp | Dec 2023 +0.4 pp | Mar 2024 +0.4 pp | Jun 2024 +0.4 pp | Sep 2024 +0.6 pp | Dec 2024 +0.6 pp | Mar 2025 +0.5 pp | Jun 2025 +0.2 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp
- CANBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.4 pp | Mar 2023 +0.3 pp | Jun 2023 +0.3 pp | Sep 2023 +0.4 pp | Dec 2023 +0.3 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +0.2 pp | Sep 2025 −0.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- INDIANB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 +0.3 pp | Dec 2024 — | Mar 2025 +0.2 pp | Jun 2025 — | Sep 2025 −0.2 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 +0.1 pp
- IDBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.2 pp | Mar 2023 +0.4 pp | Jun 2023 +0.5 pp | Sep 2023 +0.5 pp | Dec 2023 +0.7 pp | Mar 2024 +0.6 pp | Jun 2024 +0.4 pp | Sep 2024 +0.4 pp | Dec 2024 +0.3 pp | Mar 2025 +0.3 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +1.2 pp | Mar 2026 −0.2 pp | Jun 2026 −0.3 pp
- IOB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.2 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +0.2 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +0.2 pp | Sep 2025 +0.5 pp | Dec 2025 +0.4 pp | Mar 2026 +0.4 pp | Jun 2026 +0.3 pp
- BANKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.2 pp | Mar 2023 0.0 pp | Jun 2023 +0.3 pp | Sep 2023 +0.2 pp | Dec 2023 +0.3 pp | Mar 2024 +0.4 pp | Jun 2024 0.0 pp | Sep 2024 +0.2 pp | Dec 2024 +0.3 pp | Mar 2025 +0.1 pp | Jun 2025 +0.3 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 0.0 pp | Jun 2026 —
- MAHABANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.4 pp | Mar 2023 +0.7 pp | Jun 2023 +0.7 pp | Sep 2023 +0.5 pp | Dec 2023 +0.4 pp | Mar 2024 +0.2 pp | Jun 2024 +0.4 pp | Sep 2024 +0.4 pp | Dec 2024 +0.4 pp | Mar 2025 +0.2 pp | Jun 2025 0.0 pp | Sep 2025 −0.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.2 pp | Jun 2026 +0.3 pp
- UCOBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.4 pp | Mar 2023 +0.4 pp | Jun 2023 +0.3 pp | Sep 2023 +0.1 pp | Dec 2023 −0.2 pp | Mar 2024 −0.3 pp | Jun 2024 −0.1 pp | Sep 2024 +0.4 pp | Dec 2024 +0.2 pp | Mar 2025 +0.2 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- CENTRALBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.2 pp | Mar 2023 +0.2 pp | Jun 2023 +0.2 pp | Sep 2023 +0.2 pp | Dec 2023 +0.2 pp | Mar 2024 +0.2 pp | Jun 2024 +0.1 pp | Sep 2024 +0.3 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.3 pp | Dec 2025 +0.2 pp | Mar 2026 +0.2 pp | Jun 2026 −0.3 pp
- PSB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 −0.3 pp | Dec 2023 −0.4 pp | Mar 2024 −0.8 pp | Jun 2024 −0.9 pp | Sep 2024 +0.1 pp | Dec 2024 0.0 pp | Mar 2025 +0.4 pp | Jun 2025 +0.4 pp | Sep 2025 +0.2 pp | Dec 2025 +0.2 pp | Mar 2026 +0.1 pp | Jun 2026 +0.2 pp

## ROE — Leaders & Improvers

What the numbers say: Bank of Maharashtra leads both roe at 22.6% and roe change at +3.3 percentage points.

Investor read: Bank of Maharashtra sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Bank of Maharashtra · 22.6% | 40.4% versus #2 · Canara Bank | 4/8 recent comparable periods | 13/13 companies · 228 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Bank of Maharashtra (MAHABANK): 23%
2. Canara Bank (CANBK): 16%
3. Union Bank of India (UNIONBANK): 16%
4. Indian Overseas Bank (IOB): 16%
5. Indian Bank (INDIANB): 15%

### ROE change — fastest improvers
1. Bank of Maharashtra (MAHABANK): +3.3 pp
2. Indian Overseas Bank (IOB): +2.8 pp
3. Punjab & Sind Bank (PSB): +2.0 pp
4. Canara Bank (CANBK): +1.4 pp
5. UCO Bank (UCOBANK): −0.1 pp

### 20-quarter ROE history
- UNIONBANK: Sep 2021 — | Dec 2021 8.8% | Mar 2022 6.1% | Jun 2022 8.8% | Sep 2022 8.8% | Dec 2022 10% | Mar 2023 12% | Jun 2023 15% | Sep 2023 16% | Dec 2023 17% | Mar 2024 16% | Jun 2024 14% | Sep 2024 15% | Dec 2024 18% | Mar 2025 17% | Jun 2025 18% | Sep 2025 15% | Dec 2025 14% | Mar 2026 16% | Jun 2026 17%
- BANKBARODA: Sep 2021 5.8% | Dec 2021 10% | Mar 2022 11% | Jun 2022 9.0% | Sep 2022 8.3% | Dec 2022 14% | Mar 2023 17% | Jun 2023 20% | Sep 2023 17% | Dec 2023 16% | Mar 2024 16% | Jun 2024 17% | Sep 2024 15% | Dec 2024 16% | Mar 2025 15% | Jun 2025 15% | Sep 2025 9.3% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- PNB: Sep 2021 — | Dec 2021 4.6% | Mar 2022 5.1% | Jun 2022 1.4% | Sep 2022 1.1% | Dec 2022 2.0% | Mar 2023 2.8% | Jun 2023 7.3% | Sep 2023 5.2% | Dec 2023 7.5% | Mar 2024 9.0% | Jun 2024 12% | Sep 2024 14% | Dec 2024 16% | Mar 2025 15% | Jun 2025 15% | Sep 2025 6.5% | Dec 2025 12% | Mar 2026 15% | Jun 2026 15%
- CANBK: Sep 2021 7.5% | Dec 2021 7.2% | Mar 2022 9.9% | Jun 2022 12% | Sep 2022 12% | Dec 2022 15% | Mar 2023 16% | Jun 2023 17% | Sep 2023 19% | Dec 2023 18% | Mar 2024 17% | Jun 2024 17% | Sep 2024 17% | Dec 2024 17% | Mar 2025 16% | Jun 2025 19% | Sep 2025 19% | Dec 2025 18% | Mar 2026 18% | Jun 2026 —
- INDIANB: Sep 2021 — | Dec 2021 11% | Mar 2022 6.7% | Jun 2022 9.3% | Sep 2022 12% | Dec 2022 11% | Mar 2023 12% | Jun 2023 13% | Sep 2023 15% | Dec 2023 16% | Mar 2024 17% | Jun 2024 16% | Sep 2024 17% | Dec 2024 18% | Mar 2025 18% | Jun 2025 17% | Sep 2025 13% | Dec 2025 17% | Mar 2026 16% | Jun 2026 16%
- IDBI: Sep 2021 — | Dec 2021 6.1% | Mar 2022 6.3% | Jun 2022 7.2% | Sep 2022 7.2% | Dec 2022 7.1% | Mar 2023 8.5% | Jun 2023 11% | Sep 2023 11% | Dec 2023 12% | Mar 2024 12% | Jun 2024 13% | Sep 2024 13% | Dec 2024 14% | Mar 2025 14% | Jun 2025 14% | Sep 2025 13% | Dec 2025 20% | Mar 2026 11% | Jun 2026 12%
- IOB: Sep 2021 — | Dec 2021 7.0% | Mar 2022 8.3% | Jun 2022 9.9% | Sep 2022 7.0% | Dec 2022 8.3% | Mar 2023 9.2% | Jun 2023 11% | Sep 2023 8.0% | Dec 2023 9.8% | Mar 2024 11% | Jun 2024 12% | Sep 2024 9.5% | Dec 2024 11% | Mar 2025 12% | Jun 2025 14% | Sep 2025 14% | Dec 2025 15% | Mar 2026 16% | Jun 2026 17%
- BANKINDIA: Sep 2021 5.8% | Dec 2021 8.1% | Mar 2022 7.2% | Jun 2022 4.9% | Sep 2022 4.7% | Dec 2022 6.0% | Mar 2023 6.2% | Jun 2023 9.4% | Sep 2023 10% | Dec 2023 9.7% | Mar 2024 12% | Jun 2024 9.0% | Sep 2024 11% | Dec 2024 13% | Mar 2025 14% | Jun 2025 13% | Sep 2025 9.1% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- MAHABANK: Sep 2021 — | Dec 2021 8.5% | Mar 2022 9.3% | Jun 2022 10% | Sep 2022 13% | Dec 2022 15% | Mar 2023 20% | Jun 2023 21% | Sep 2023 21% | Dec 2023 20% | Mar 2024 22% | Jun 2024 25% | Sep 2024 25% | Dec 2024 24% | Mar 2025 22% | Jun 2025 21% | Sep 2025 21% | Dec 2025 22% | Mar 2026 22% | Jun 2026 25%
- UCOBANK: Sep 2021 1.8% | Dec 2021 3.6% | Mar 2022 5.4% | Jun 2022 5.3% | Sep 2022 2.0% | Dec 2022 8.3% | Mar 2023 11% | Jun 2023 9.4% | Sep 2023 3.5% | Dec 2023 6.2% | Mar 2024 7.6% | Jun 2024 8.0% | Sep 2024 8.1% | Dec 2024 8.8% | Mar 2025 9.1% | Jun 2025 9.0% | Sep 2025 7.7% | Dec 2025 7.7% | Mar 2026 9.0% | Jun 2026 —
- CENTRALBK: Sep 2021 — | Dec 2021 3.0% | Mar 2022 4.2% | Jun 2022 5.0% | Sep 2022 4.0% | Dec 2022 4.9% | Mar 2023 6.7% | Jun 2023 8.2% | Sep 2023 6.8% | Dec 2023 8.3% | Mar 2024 9.6% | Jun 2024 10% | Sep 2024 12% | Dec 2024 11% | Mar 2025 11% | Jun 2025 12% | Sep 2025 14% | Dec 2025 13% | Mar 2026 13% | Jun 2026 7.6%
- PSB: Sep 2021 — | Dec 2021 10% | Mar 2022 14% | Jun 2022 12% | Sep 2022 5.8% | Dec 2022 7.8% | Mar 2023 10% | Jun 2023 12% | Sep 2023 4.0% | Dec 2023 5.0% | Mar 2024 3.0% | Jun 2024 3.6% | Sep 2024 4.7% | Dec 2024 7.1% | Mar 2025 9.7% | Jun 2025 10% | Sep 2025 8.0% | Dec 2025 8.6% | Mar 2026 9.8% | Jun 2026 12%

### 20-quarter ROE change history
- UNIONBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.3 pp | Mar 2023 +5.9 pp | Jun 2023 +5.7 pp | Sep 2023 +7.5 pp | Dec 2023 +6.5 pp | Mar 2024 +3.7 pp | Jun 2024 −0.6 pp | Sep 2024 −1.8 pp | Dec 2024 +1.4 pp | Mar 2025 +1.1 pp | Jun 2025 +3.8 pp | Sep 2025 +0.5 pp | Dec 2025 −3.7 pp | Mar 2026 −1.0 pp | Jun 2026 −1.1 pp
- BANKBARODA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 +3.8 pp | Mar 2023 +6.0 pp | Jun 2023 +11.3 pp | Sep 2023 +8.2 pp | Dec 2023 +1.7 pp | Mar 2024 −0.9 pp | Jun 2024 −3.1 pp | Sep 2024 −1.3 pp | Dec 2024 +0.6 pp | Mar 2025 −1.3 pp | Jun 2025 −2.1 pp | Sep 2025 −5.9 pp | Dec 2025 −3.2 pp | Mar 2026 −1.6 pp | Jun 2026 —
- PNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.6 pp | Mar 2023 −2.3 pp | Jun 2023 +5.9 pp | Sep 2023 +4.1 pp | Dec 2023 +5.5 pp | Mar 2024 +6.2 pp | Jun 2024 +4.9 pp | Sep 2024 +8.8 pp | Dec 2024 +8.0 pp | Mar 2025 +5.9 pp | Jun 2025 +2.9 pp | Sep 2025 −7.5 pp | Dec 2025 −3.6 pp | Mar 2026 +0.4 pp | Jun 2026 −0.2 pp
- CANBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.7 pp | Dec 2022 +7.5 pp | Mar 2023 +6.0 pp | Jun 2023 +5.5 pp | Sep 2023 +6.4 pp | Dec 2023 +3.4 pp | Mar 2024 +1.4 pp | Jun 2024 +0.2 pp | Sep 2024 −1.5 pp | Dec 2024 −1.4 pp | Mar 2025 −1.0 pp | Jun 2025 +1.9 pp | Sep 2025 +1.9 pp | Dec 2025 +0.9 pp | Mar 2026 +1.4 pp | Jun 2026 —
- INDIANB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.2 pp | Mar 2023 +5.5 pp | Jun 2023 +3.2 pp | Sep 2023 +3.2 pp | Dec 2023 +5.0 pp | Mar 2024 +4.3 pp | Jun 2024 +3.7 pp | Sep 2024 +2.2 pp | Dec 2024 +1.6 pp | Mar 2025 +1.1 pp | Jun 2025 +1.1 pp | Sep 2025 −4.6 pp | Dec 2025 −1.2 pp | Mar 2026 −1.5 pp | Jun 2026 −1.4 pp
- IDBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.0 pp | Mar 2023 +2.2 pp | Jun 2023 +3.5 pp | Sep 2023 +3.3 pp | Dec 2023 +4.5 pp | Mar 2024 +3.9 pp | Jun 2024 +2.6 pp | Sep 2024 +2.7 pp | Dec 2024 +2.1 pp | Mar 2025 +1.6 pp | Jun 2025 +0.8 pp | Sep 2025 −0.3 pp | Dec 2025 +5.9 pp | Mar 2026 −2.6 pp | Jun 2026 −2.5 pp
- IOB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.3 pp | Mar 2023 +0.9 pp | Jun 2023 +0.8 pp | Sep 2023 +1.0 pp | Dec 2023 +1.5 pp | Mar 2024 +1.8 pp | Jun 2024 +1.2 pp | Sep 2024 +1.5 pp | Dec 2024 +1.5 pp | Mar 2025 +1.3 pp | Jun 2025 +2.4 pp | Sep 2025 +4.9 pp | Dec 2025 +3.6 pp | Mar 2026 +4.0 pp | Jun 2026 +2.8 pp
- BANKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −2.1 pp | Mar 2023 −1.0 pp | Jun 2023 +4.5 pp | Sep 2023 +5.6 pp | Dec 2023 +3.7 pp | Mar 2024 +5.5 pp | Jun 2024 −0.4 pp | Sep 2024 +0.4 pp | Dec 2024 +3.7 pp | Mar 2025 +2.3 pp | Jun 2025 +4.2 pp | Sep 2025 −1.6 pp | Dec 2025 −0.9 pp | Mar 2026 −0.8 pp | Jun 2026 —
- MAHABANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +6.0 pp | Mar 2023 +10.8 pp | Jun 2023 +11.0 pp | Sep 2023 +8.4 pp | Dec 2023 +5.8 pp | Mar 2024 +1.6 pp | Jun 2024 +3.6 pp | Sep 2024 +4.0 pp | Dec 2024 +3.8 pp | Mar 2025 +0.6 pp | Jun 2025 −3.6 pp | Sep 2025 −4.6 pp | Dec 2025 −2.3 pp | Mar 2026 −0.1 pp | Jun 2026 +3.3 pp
- UCOBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +4.7 pp | Mar 2023 +5.2 pp | Jun 2023 +4.1 pp | Sep 2023 +1.5 pp | Dec 2023 −2.1 pp | Mar 2024 −3.0 pp | Jun 2024 −1.4 pp | Sep 2024 +4.6 pp | Dec 2024 +2.6 pp | Mar 2025 +1.5 pp | Jun 2025 +1.0 pp | Sep 2025 −0.4 pp | Dec 2025 −1.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- CENTRALBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.9 pp | Mar 2023 +2.5 pp | Jun 2023 +3.2 pp | Sep 2023 +2.8 pp | Dec 2023 +3.4 pp | Mar 2024 +2.9 pp | Jun 2024 +2.1 pp | Sep 2024 +4.9 pp | Dec 2024 +2.9 pp | Mar 2025 +1.8 pp | Jun 2025 +2.1 pp | Sep 2025 +2.0 pp | Dec 2025 +1.7 pp | Mar 2026 +1.5 pp | Jun 2026 −4.8 pp
- PSB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.3 pp | Mar 2023 −3.2 pp | Jun 2023 +0.3 pp | Sep 2023 −1.8 pp | Dec 2023 −2.8 pp | Mar 2024 −7.3 pp | Jun 2024 −8.7 pp | Sep 2024 +0.7 pp | Dec 2024 +2.1 pp | Mar 2025 +6.7 pp | Jun 2025 +6.4 pp | Sep 2025 +3.3 pp | Dec 2025 +1.5 pp | Mar 2026 +0.1 pp | Jun 2026 +2.0 pp

## Gross NPA — Leaders & Improvers

What the numbers say: Bank of Maharashtra leads gross npa at 1.4%; Bank of India leads gnpa change at -1.4 percentage points.

Investor read: Bank of Maharashtra sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: Bank of Maharashtra · 1.4% | 21.2% versus #2 · Canara Bank | 8/8 recent comparable periods | 6/13 companies · 168 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest
1. Bank of Maharashtra (MAHABANK): 1.5%
2. Canara Bank (CANBK): 1.8%
3. Indian Bank (INDIANB): 1.9%
4. Punjab & Sind Bank (PSB): 2.2%
5. UCO Bank (UCOBANK): 2.4%

### GNPA change — fastest improvers
1. Bank of India (BANKINDIA): −1.4 pp
2. Indian Bank (INDIANB): −1.2 pp
3. Punjab & Sind Bank (PSB): −1.1 pp
4. Canara Bank (CANBK): −1.1 pp
5. Indian Overseas Bank (IOB): −1.0 pp

### 20-quarter Gross NPA history
- SBIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.1% | Mar 2023 2.8% | Jun 2023 2.8% | Sep 2023 2.5% | Dec 2023 2.4% | Mar 2024 2.2% | Jun 2024 2.2% | Sep 2024 2.1% | Dec 2024 2.1% | Mar 2025 1.8% | Jun 2025 1.8% | Sep 2025 1.7% | Dec 2025 1.6% | Mar 2026 — | Jun 2026 —
- UNIONBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 7.9% | Mar 2023 7.5% | Jun 2023 7.3% | Sep 2023 6.4% | Dec 2023 4.8% | Mar 2024 4.8% | Jun 2024 4.5% | Sep 2024 4.4% | Dec 2024 3.9% | Mar 2025 3.6% | Jun 2025 3.5% | Sep 2025 3.3% | Dec 2025 3.1% | Mar 2026 — | Jun 2026 —
- BANKBARODA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.5% | Mar 2023 3.8% | Jun 2023 3.5% | Sep 2023 3.3% | Dec 2023 3.1% | Mar 2024 2.9% | Jun 2024 2.9% | Sep 2024 2.5% | Dec 2024 2.4% | Mar 2025 2.3% | Jun 2025 2.3% | Sep 2025 2.2% | Dec 2025 2.0% | Mar 2026 — | Jun 2026 —
- CANBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.9% | Mar 2023 5.4% | Jun 2023 5.2% | Sep 2023 4.8% | Dec 2023 4.4% | Mar 2024 4.2% | Jun 2024 4.1% | Sep 2024 3.7% | Dec 2024 3.3% | Mar 2025 2.9% | Jun 2025 2.7% | Sep 2025 2.4% | Dec 2025 2.1% | Mar 2026 1.8% | Jun 2026 —
- INDIANB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 6.5% | Mar 2023 6.0% | Jun 2023 5.5% | Sep 2023 5.0% | Dec 2023 4.5% | Mar 2024 4.0% | Jun 2024 3.8% | Sep 2024 3.5% | Dec 2024 3.3% | Mar 2025 3.1% | Jun 2025 3.0% | Sep 2025 2.6% | Dec 2025 2.2% | Mar 2026 2.0% | Jun 2026 1.9%
- IDBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 14% | Mar 2023 6.4% | Jun 2023 5.1% | Sep 2023 4.9% | Dec 2023 4.7% | Mar 2024 4.5% | Jun 2024 3.9% | Sep 2024 3.7% | Dec 2024 3.6% | Mar 2025 3.0% | Jun 2025 2.9% | Sep 2025 2.7% | Dec 2025 2.6% | Mar 2026 — | Jun 2026 —
- IOB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 8.2% | Mar 2023 7.4% | Jun 2023 7.1% | Sep 2023 4.7% | Dec 2023 3.9% | Mar 2024 3.1% | Jun 2024 2.9% | Sep 2024 2.7% | Dec 2024 2.6% | Mar 2025 2.1% | Jun 2025 2.0% | Sep 2025 1.8% | Dec 2025 1.5% | Mar 2026 — | Jun 2026 —
- BANKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 7.7% | Mar 2023 7.3% | Jun 2023 6.7% | Sep 2023 5.8% | Dec 2023 5.4% | Mar 2024 5.0% | Jun 2024 4.6% | Sep 2024 4.4% | Dec 2024 3.7% | Mar 2025 3.3% | Jun 2025 2.9% | Sep 2025 2.5% | Dec 2025 2.3% | Mar 2026 — | Jun 2026 —
- MAHABANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.9% | Mar 2023 2.5% | Jun 2023 2.3% | Sep 2023 2.2% | Dec 2023 2.0% | Mar 2024 1.9% | Jun 2024 1.9% | Sep 2024 1.8% | Dec 2024 1.8% | Mar 2025 1.7% | Jun 2025 1.7% | Sep 2025 1.7% | Dec 2025 1.6% | Mar 2026 1.5% | Jun 2026 1.5%
- UCOBANK: Sep 2021 — | Dec 2021 — | Mar 2022 7.9% | Jun 2022 7.4% | Sep 2022 6.6% | Dec 2022 5.6% | Mar 2023 4.8% | Jun 2023 4.5% | Sep 2023 4.1% | Dec 2023 3.9% | Mar 2024 3.5% | Jun 2024 3.3% | Sep 2024 3.2% | Dec 2024 2.9% | Mar 2025 2.7% | Jun 2025 2.6% | Sep 2025 2.6% | Dec 2025 2.4% | Mar 2026 — | Jun 2026 —
- CENTRALBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 8.8% | Mar 2023 8.4% | Jun 2023 5.0% | Sep 2023 4.6% | Dec 2023 4.5% | Mar 2024 4.5% | Jun 2024 4.5% | Sep 2024 4.6% | Dec 2024 3.9% | Mar 2025 3.2% | Jun 2025 3.1% | Sep 2025 3.0% | Dec 2025 2.7% | Mar 2026 2.7% | Jun 2026 2.6%
- PSB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 8.4% | Mar 2023 7.0% | Jun 2023 6.8% | Sep 2023 6.2% | Dec 2023 5.7% | Mar 2024 5.4% | Jun 2024 4.7% | Sep 2024 4.2% | Dec 2024 3.8% | Mar 2025 3.4% | Jun 2025 3.3% | Sep 2025 2.9% | Dec 2025 2.6% | Mar 2026 2.4% | Jun 2026 2.2%

### 20-quarter GNPA change history
- SBIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.7 pp | Mar 2024 −0.5 pp | Jun 2024 −0.6 pp | Sep 2024 −0.4 pp | Dec 2024 −0.4 pp | Mar 2025 −0.4 pp | Jun 2025 −0.4 pp | Sep 2025 −0.4 pp | Dec 2025 −0.5 pp | Mar 2026 — | Jun 2026 —
- UNIONBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −3.1 pp | Mar 2024 −2.8 pp | Jun 2024 −2.8 pp | Sep 2024 −2.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.2 pp | Jun 2025 −1.0 pp | Sep 2025 −1.1 pp | Dec 2025 −0.8 pp | Mar 2026 — | Jun 2026 —
- BANKBARODA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −1.5 pp | Mar 2024 −0.9 pp | Jun 2024 −0.6 pp | Sep 2024 −0.8 pp | Dec 2024 −0.7 pp | Mar 2025 −0.7 pp | Jun 2025 −0.6 pp | Sep 2025 −0.3 pp | Dec 2025 −0.4 pp | Mar 2026 — | Jun 2026 —
- CANBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −1.5 pp | Mar 2024 −1.1 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.1 pp | Mar 2025 −1.3 pp | Jun 2025 −1.5 pp | Sep 2025 −1.4 pp | Dec 2025 −1.3 pp | Mar 2026 −1.1 pp | Jun 2026 —
- INDIANB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −2.1 pp | Mar 2024 −2.0 pp | Jun 2024 −1.7 pp | Sep 2024 −1.5 pp | Dec 2024 −1.2 pp | Mar 2025 −0.9 pp | Jun 2025 −0.8 pp | Sep 2025 −0.9 pp | Dec 2025 −1.0 pp | Mar 2026 −1.1 pp | Jun 2026 −1.2 pp
- IDBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −9.1 pp | Mar 2024 −1.9 pp | Jun 2024 −1.2 pp | Sep 2024 −1.2 pp | Dec 2024 −1.1 pp | Mar 2025 −1.6 pp | Jun 2025 −0.9 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 — | Jun 2026 —
- IOB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −4.3 pp | Mar 2024 −4.3 pp | Jun 2024 −4.2 pp | Sep 2024 −2.0 pp | Dec 2024 −1.4 pp | Mar 2025 −1.0 pp | Jun 2025 −0.9 pp | Sep 2025 −0.9 pp | Dec 2025 −1.0 pp | Mar 2026 — | Jun 2026 —
- BANKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −2.3 pp | Mar 2024 −2.3 pp | Jun 2024 −2.1 pp | Sep 2024 −1.4 pp | Dec 2024 −1.7 pp | Mar 2025 −1.7 pp | Jun 2025 −1.7 pp | Sep 2025 −1.9 pp | Dec 2025 −1.4 pp | Mar 2026 — | Jun 2026 —
- MAHABANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.9 pp | Mar 2024 −0.6 pp | Jun 2024 −0.4 pp | Sep 2024 −0.4 pp | Dec 2024 −0.2 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 −0.3 pp
- UCOBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −3.1 pp | Jun 2023 −2.9 pp | Sep 2023 −2.4 pp | Dec 2023 −1.8 pp | Mar 2024 −1.3 pp | Jun 2024 −1.2 pp | Sep 2024 −1.0 pp | Dec 2024 −0.9 pp | Mar 2025 −0.8 pp | Jun 2025 −0.7 pp | Sep 2025 −0.6 pp | Dec 2025 −0.5 pp | Mar 2026 — | Jun 2026 —
- CENTRALBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −4.3 pp | Mar 2024 −3.9 pp | Jun 2024 −0.4 pp | Sep 2024 −0.0 pp | Dec 2024 −0.6 pp | Mar 2025 −1.3 pp | Jun 2025 −1.4 pp | Sep 2025 −1.6 pp | Dec 2025 −1.2 pp | Mar 2026 −0.5 pp | Jun 2026 −0.5 pp
- PSB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −2.7 pp | Mar 2024 −1.5 pp | Jun 2024 −2.1 pp | Sep 2024 −2.0 pp | Dec 2024 −1.9 pp | Mar 2025 −2.1 pp | Jun 2025 −1.4 pp | Sep 2025 −1.3 pp | Dec 2025 −1.2 pp | Mar 2026 −1.0 pp | Jun 2026 −1.1 pp

## Valuation Against Growth & Quality

What the numbers say: Bank of Baroda has the lowest comparable P/BV ÷ ROE at 0.06×, 0% below Bank of India. Only 13 of 13 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Bank of Baroda · 0.06× | 0% versus #2 · Bank of India | 0/8 recent comparable periods | 13/13 companies · 228 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Bank of Baroda (BANKBARODA): 0.1
2. Bank of India (BANKINDIA): 0.1
3. Canara Bank (CANBK): 0.1
4. Central Bank of India (CENTRALBK): 0.1
5. Punjab National Bank (PNB): 0.1

### P/BV — lowest P/BV
1. Central Bank of India (CENTRALBK): 0.7
2. Bank of India (BANKINDIA): 0.7
3. Bank of Baroda (BANKBARODA): 0.8
4. Punjab National Bank (PNB): 0.8
5. Union Bank of India (UNIONBANK): 0.9

### 20-quarter P/BV ÷ ROE history
- UNIONBANK: Sep 2021 — | Dec 2021 0.0 | Mar 2022 0.1 | Jun 2022 0.0 | Sep 2022 0.0 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.0 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.0 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 0.1
- BANKBARODA: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.0 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- PNB: Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.2 | Sep 2022 0.4 | Dec 2022 0.3 | Mar 2023 0.2 | Jun 2023 0.1 | Sep 2023 0.2 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 0.1
- CANBK: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.0 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 0.0 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- INDIANB: Sep 2021 — | Dec 2021 0.0 | Mar 2022 0.1 | Jun 2022 0.0 | Sep 2022 0.0 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 0.1
- IDBI: Sep 2021 — | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.2 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.2 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.2 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 0.1
- IOB: Sep 2021 — | Dec 2021 0.3 | Mar 2022 0.2 | Jun 2022 0.1 | Sep 2022 0.2 | Dec 2022 0.3 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.4 | Dec 2023 0.3 | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 0.1
- BANKINDIA: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.0 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.0 | Mar 2025 0.0 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- MAHABANK: Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 0.1
- UCOBANK: Sep 2021 0.4 | Dec 2021 0.2 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.3 | Dec 2022 0.2 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.6 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.1 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 —
- CENTRALBK: Sep 2021 — | Dec 2021 0.2 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 0.1
- PSB: Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.2 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.5 | Dec 2023 0.4 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.1 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 0.1

### 20-quarter P/BV history
- SBIN: Sep 2021 — | Dec 2021 — | Mar 2022 1.4 | Jun 2022 — | Sep 2022 — | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.6 | Jun 2024 1.8 | Sep 2024 1.6 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 1.5 | Sep 2025 1.5 | Dec 2025 1.6 | Mar 2026 1.6 | Jun 2026 —
- UNIONBANK: Sep 2021 0.3 | Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.3 | Sep 2022 0.4 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 1.2 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 1.0
- BANKBARODA: Sep 2021 0.5 | Dec 2021 0.5 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.7 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 0.9
- PNB: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.3 | Sep 2022 0.4 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.8 | Dec 2023 1.0 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 0.8
- CANBK: Sep 2021 0.4 | Dec 2021 0.5 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.1 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 1.0 | Dec 2025 1.2 | Mar 2026 1.0 | Jun 2026 —
- INDIANB: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.4 | Sep 2022 0.5 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.2 | Sep 2025 1.3 | Dec 2025 1.4 | Mar 2026 1.5 | Jun 2026 1.4
- IDBI: Sep 2021 1.1 | Dec 2021 1.3 | Mar 2022 1.2 | Jun 2022 0.9 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 1.6 | Dec 2023 1.5 | Mar 2024 1.8 | Jun 2024 1.9 | Sep 2024 1.9 | Dec 2024 1.5 | Mar 2025 1.5 | Jun 2025 2.1 | Sep 2025 1.6 | Dec 2025 1.6 | Mar 2026 1.0 | Jun 2026 1.5
- IOB: Sep 2021 2.0 | Dec 2021 1.8 | Mar 2022 1.6 | Jun 2022 1.4 | Sep 2022 1.4 | Dec 2022 2.6 | Mar 2023 1.9 | Jun 2023 1.8 | Sep 2023 3.5 | Dec 2023 3.1 | Mar 2024 4.2 | Jun 2024 4.4 | Sep 2024 4.1 | Dec 2024 3.5 | Mar 2025 2.5 | Jun 2025 2.3 | Sep 2025 2.3 | Dec 2025 1.9 | Mar 2026 1.7 | Jun 2026 1.8
- BANKINDIA: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 0.7
- MAHABANK: Sep 2021 0.9 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 0.8 | Dec 2022 1.4 | Mar 2023 1.2 | Jun 2023 1.1 | Sep 2023 1.9 | Dec 2023 1.7 | Mar 2024 2.2 | Jun 2024 2.3 | Sep 2024 2.0 | Dec 2024 1.6 | Mar 2025 1.3 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.5 | Jun 2026 2.0
- UCOBANK: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 1.6 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 2.0 | Dec 2023 1.8 | Mar 2024 2.3 | Jun 2024 2.4 | Sep 2024 2.1 | Dec 2024 1.8 | Mar 2025 1.5 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.0 | Jun 2026 —
- CENTRALBK: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.6 | Jun 2022 0.3 | Sep 2022 0.6 | Dec 2022 1.0 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 1.5 | Dec 2023 1.4 | Mar 2024 1.7 | Jun 2024 1.7 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.1 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 0.8
- PSB: Sep 2021 0.8 | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 1.6 | Mar 2023 1.2 | Jun 2023 1.4 | Sep 2023 2.1 | Dec 2023 1.9 | Mar 2024 2.7 | Jun 2024 2.7 | Sep 2024 3.3 | Dec 2024 2.8 | Mar 2025 2.5 | Jun 2025 1.4 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.1 | Jun 2026 1.3

## Market action

Bank of Maharashtra has the strongest one-year price move in Banks - PSU at +43.1%. It also leads on Mansfield relative strength against NIFTY at +22.3%. 5 of 13 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Bank of Maharashtra (MAHABANK): 43%
2. Indian Bank (INDIANB): 31%
3. Bank of India (BANKINDIA): 24%
4. State Bank of India (SBIN): 23%
5. Union Bank of India (UNIONBANK): 16%

### Strongest relative strength versus NIFTY 500
1. Bank of Maharashtra (MAHABANK): 22%
2. Union Bank of India (UNIONBANK): 7.1%
3. State Bank of India (SBIN): 3.9%
4. Bank of India (BANKINDIA): 2.2%
5. Indian Bank (INDIANB): 1.1%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- State Bank of India (SBIN) — market value ₹9.4 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Union Bank of India (UNIONBANK) — market value ₹1.3 L Cr; latest fundamentals Jun 2026
- Bank of Baroda (BANKBARODA) — market value ₹1.3 L Cr; latest fundamentals Jun 2026
- Punjab National Bank (PNB) — market value ₹1.3 L Cr; latest fundamentals Jun 2026
- Canara Bank (CANBK) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- Indian Bank (INDIANB) — market value ₹1.1 L Cr; latest fundamentals Jun 2026
- IDBI Bank Ltd (IDBI) — market value ₹91.3K Cr; latest fundamentals Jun 2026
- Indian Overseas Bank (IOB) — market value ₹65.2K Cr; latest fundamentals Jun 2026
- Bank of India (BANKINDIA) — market value ₹64.9K Cr; latest fundamentals Jun 2026
- Bank of Maharashtra (MAHABANK) — market value ₹62.3K Cr; latest fundamentals Jun 2026
- UCO Bank (UCOBANK) — market value ₹32.5K Cr; latest fundamentals Mar 2026
- Central Bank of India (CENTRALBK) — market value ₹28.1K Cr; latest fundamentals Jun 2026
- Punjab & Sind Bank (PSB) — market value ₹16.9K Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 12. Unverified: 0. Withheld: 1. Graded companies: 13.

1 of 13 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: State Bank of India (SBIN) — its two data sources disagree by up to 40% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | SBIN | State Bank of India | diff_gt_2pct | disagreement up to 39.88% over 14 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Banks - PSU index?

The Nifty Banks - PSU index tracks India's listed Banks - PSU companies as a single basket. This page follows the same 13 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Banks - PSU sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Banks - PSU stocks in India?

Ranked by this page's four-factor score, Bank of Maharashtra places first among 13 listed Banks - PSU companies, followed by Indian Overseas Bank. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Banks - PSU stocks are listed in India?

This comparison covers 13 listed Banks - PSU companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Banks - PSU company is the biggest?

State Bank of India is the largest, with trailing-twelve-month income of ₹5,15,235 crore, ahead of Bank of Baroda at ₹1,36,547 crore. That covers 13 of 13 companies with comparable reporting through Mar 2026.

### Which Banks - PSU company is growing fastest?

Bank of Maharashtra has the fastest income growth at 15.8% year on year, across 13 of 13 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Banks - PSU company makes the most profit?

State Bank of India earns the most, at ₹86,666 crore of trailing-twelve-month net profit, from 13 of 13 comparable companies. Indian Overseas Bank has the fastest profit growth at 51.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Banks - PSU lender has the best asset quality?

Bank of Maharashtra reports the lowest gross NPA ratio at 1.4% — lower is better — across 6 of 13 lenders. Read the direction as well as the level: a rising NPA ratio off a low base can matter more than a high but falling one.

### Which Banks - PSU company earns the highest return on capital?

Bank of Maharashtra leads on return on assets at 2%, across 13 of 13 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Banks - PSU stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Bank of Baroda screens cheapest at 0.06×. Only 13 of 13 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Banks - PSU lender has the largest funding base?

Punjab National Bank has the largest reported deposit base at ₹17,38,908 crore. For lenders, deposits and borrowings are operating inputs rather than leverage, so they are read against asset quality and returns instead of as debt.

### Is the Banks - PSU sector beating the market?

Banks - PSU has outperformed NIFTY 500 by 7.5% over the last 52 weeks and 5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 13 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Banks - PSU stock has the strongest price momentum?

Bank of Maharashtra has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Banks - PSU company scores highest for research priority?

Bank of Maharashtra scores 80.3 out of 100 with 100% evidence confidence, from 29.3 points on growth and earnings, 24.3 on capital efficiency, 10.2 on valuation and 16.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Banks - PSU companies does this comparison cover, and over what period?

It compares 13 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Banks - PSU sector?

The 13 Banks - PSU companies on this page carry ₹19,07,834 crore of combined market value. State Bank of India is the largest at ₹9,36,908 crore, about 49% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Banks - PSU sector's P/B ratio?

The median price-to-book ratio across the 13 Banks - PSU companies on this page is 1.1×, measured on the 13 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Banks - PSU sector performing?

5 of the 13 covered Banks - PSU companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 7.5% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/banks-psu