Mumbai: Public Sector Banks (PSBs) in India have recorded their highest-ever aggregate net profit in the financial year 2023-24. As per data, the nationalized banks reported a net profit of around Rs 1.41 lakh crore in the financial year 2023-24. It is a 34% increase from Rs 1.05 lakh crore in FY2022-23.
Meanwhile, the Gross Non-Performing Assets (GNPA) ratio has declined to 3.12 percent in September this year. This is a steep decline from the peak GNPA of 14.58 percent in March 2018. The Capital to Risk (Weighted) Assets Ratio (CRAR)rose by 3,983 basis points to 15.43 per cent in September 2024, up from 11.45 per cent in March 2015.
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The PSBs also paid a total dividend of almost Rs 62 thousand crore over the past three years to shareholders. The banking system facilitated over 54 crore Jan Dhan accounts and sanctioned 52 crore collateral-free loans under flagship schemes. Gross advances of Scheduled Commercial Banks reached Rs 175 lakh crore in March 2024, tripling from Rs 61 lakh crore in 2014. The MSME sector witnessed a credit growth of 17.2% in FY24, with total advances standing at Rs 28.04 lakh crore.
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