In the financial year ended in March 2024, the total profit of Public Sector Bank crossed ₹1.4 lakh crore.
It recorded a growth of 35 per cent over the previous year with a high base of ₹1 lakh crore.
In 2022-23, 12 public sector banks’ total profit reached a net profit of ₹1,04,649 crore.
State Bank of India (SBI) contributed more than 40% of the total earnings.
SBI earned a profit of ₹61,077 crore, which is 22% more than the previous financial year.
Delhi-based Punjab National Bank with 228% had the highest net profit growth in terms of Percentage.
It is followed by the Union Bank of India with a 62 per cent rise and the Central Bank of India with a 61 per cent increase.
Bank of India registered a growth of 57% while Bank of Maharashtra’s profit increased by 56%.
In the financial ecosystem, the government has implemented a comprehensive 4R strategy: Recognising NPAs transparently, Resolution and Recovery, Recapitalising PSBs, and Reforms.
