Public Sector Banks in India Record Historic Profits in FY24, Surpassing Rs 1.4 Trillion Mark

In a remarkable turnaround, the public sector banks (PSBs) in India have achieved a significant milestone by collectively surpassing Rs 1.4 trillion in cumulative profit for the financial year ending March 2024. This achievement marks a notable 35% growth compared to the previous fiscal year, which saw profits at Rs 1 trillion.

According to data published by exchanges, the 12 PSBs recorded a combined net profit of Rs 141,203 crore during FY24. Notably, the State Bank of India (SBI), the market leader, contributed over 40% of this total earnings alone. SBI reported a robust profit of Rs 61,077 crore, reflecting a substantial 22% increase from the preceding financial year.

Delhi-based Punjab National Bank exhibited the highest net profit growth percentage, boasting a remarkable 228% rise to Rs 8,245 crore. This was followed by Union Bank of India with a 62% surge to Rs 13,649 crore and Central Bank of India with a commendable 61% increase to Rs 2,549 crore.

Several other PSBs also demonstrated significant growth, with Bank of India witnessing a 57% upsurge to Rs 6,318 crore, Bank of Maharashtra with a 56% rise to Rs 4,055 crore, and Chennai-based Indian Bank recording a 53% improvement to Rs 8,063 crore.

However, amidst the overall positive trend, Punjab & Sind Bank reported a 55% decline in annual net profit, dropping from Rs 1,313 crore in 2022-23 to Rs 595 crore in FY24, marking the sole bank among the 12 PSBs to witness a profit downturn.

Notably, PSBs such as Bank of Baroda, with a profit of Rs 17,788 crore, and Canara Bank, with Rs 14,554 crore, reported annual profits exceeding Rs 10,000 crore, underscoring the sector’s resurgence.

The turnaround of the public sector banking industry, from recording record losses of Rs 85,390 crore in FY18 to achieving record profits in FY24, can be attributed to the concerted efforts and reforms spearheaded by the government.

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