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Public sector banks’ total profit crosses Rs 1 lakh crore

Mumbai:  The total of profit of public sector banks  (PSBs) in the country crossed Rs 1 lakh crore-mark in the financial year ended March 2023. The total profit crossed 1,04,649 crore in 2022-23. 12 PSBs witnessed 57%  increase in total profit compared to profits in 2021-22. Total profits in 2021-22 was Rs 66,539.98 crore. The PSBs  registered a total net loss of Rs  85,390 crore in 2017-18.

The largest nationalized bank in the country, State Bank of India (SBI) accounted  for nearly half of the total profits. SBI has reported an annual profit of Rs 50,232 crore in 2022-23, showing an increase of 59% over the preceding financial year.

Pune-based Bank of Maharashtra (BoM) had the highest net profit growth with 126% to Rs 2,602 crore, followed by UCO with 100% rise to Rs 1,862 crore and Bank of Baroda with 94% increase to Rs 14,110 crore.

Also Read: Investment by FPIs in Indian equities crosses Rs 30,945 crore in May 

Except for the Punjab National Bank (PNB), other PSBs have reported impressive annual increases in their profit after tax. Delhi-headquarter PNB posted a 27% decline in annual net profit from Rs 3,457 crore in 2021-22 to Rs 2,507 crore in the year ended March 2023.

The PSBs which reported an annual profit in excess 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 growth 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).

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