NEW DELHI: Public sector banks’ cumulative profit crossed the Rs 1 lakh crore mark in monetary yr 2023, with market chief SBI accounting for practically half of the whole earnings.
From posting a complete internet lack of Rs 85,390 crore in 2017-18, PSBs have come a great distance as their profit touched Rs 1,04,649 crore in 2022-23. These 12 PSBs witnessed 57% improve in whole profit in comparison with Rs 66,540 crore earned in 2021-22.
Analysts mentioned that increased curiosity revenue and enchancment in administration of non-performing property or unhealthy loans are among the many key causes for the improved profitability of the banks.
In proportion phrases, Bank of Maharashtra had the best internet profit progress with 126% to Rs 2,602 crore, adopted by UCO with a 100% rise to Rs 1,862 crore and Bank of Baroda with a 94% improve to Rs 14,110 crore. However, in absolute phrases, SBI has reported an annual profit of Rs 50,232 crore in 2022-23, a rise of 59% over the previous fiscal.
Except for Punjab National Bank (PNB), different PSBs have reported sturdy annual will increase in their profit. PNB posted a 27% decline in annual internet profit from Rs 3,457 crore in 2021-22 to Rs 2,507 crore in the yr ended March 2023.
The PSBs which reported an annual profit in extra of Rs 10,000 crore are Bank of Baroda (Rs 14,110 crore) and Canara Bank (Rs 10,604 crore).
Other lenders like Punjab and Sind Bank posted an annual profit progress 26% (Rs 1,313 crore), Central Bank of India 51% (Rs 1,582 crore), Indian Overseas Bank 23% (Rs 2,099 crore), Bank of India 18% (Rs 4,023 crore), Indian Bank 34% (Rs 5,282 crore) and Union Bank of India 61% (Rs 8,433 crore).
In the March quarter, PSBs’ profit cumulatively elevated greater than 95% to Rs 34,483 crore.
From posting a complete internet lack of Rs 85,390 crore in 2017-18, PSBs have come a great distance as their profit touched Rs 1,04,649 crore in 2022-23. These 12 PSBs witnessed 57% improve in whole profit in comparison with Rs 66,540 crore earned in 2021-22.
Analysts mentioned that increased curiosity revenue and enchancment in administration of non-performing property or unhealthy loans are among the many key causes for the improved profitability of the banks.
In proportion phrases, Bank of Maharashtra had the best internet profit progress with 126% to Rs 2,602 crore, adopted by UCO with a 100% rise to Rs 1,862 crore and Bank of Baroda with a 94% improve to Rs 14,110 crore. However, in absolute phrases, SBI has reported an annual profit of Rs 50,232 crore in 2022-23, a rise of 59% over the previous fiscal.
Except for Punjab National Bank (PNB), different PSBs have reported sturdy annual will increase in their profit. PNB posted a 27% decline in annual internet profit from Rs 3,457 crore in 2021-22 to Rs 2,507 crore in the yr ended March 2023.
The PSBs which reported an annual profit in extra of Rs 10,000 crore are Bank of Baroda (Rs 14,110 crore) and Canara Bank (Rs 10,604 crore).
Other lenders like Punjab and Sind Bank posted an annual profit progress 26% (Rs 1,313 crore), Central Bank of India 51% (Rs 1,582 crore), Indian Overseas Bank 23% (Rs 2,099 crore), Bank of India 18% (Rs 4,023 crore), Indian Bank 34% (Rs 5,282 crore) and Union Bank of India 61% (Rs 8,433 crore).
In the March quarter, PSBs’ profit cumulatively elevated greater than 95% to Rs 34,483 crore.
