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Public sector banks total profit crosses ₹1lakh cr mark
May 22, 2023
Public sector banks’ cumulative profit crossed the ₹1 lakh crore-mark in the financial year ended March 2023, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings. From posting a total net loss of ₹85,390 crore in 2017-18, the Public Sector Banks (PSBs) have come a long way as their profit touched ₹1,04,649 crore in 2022-23, according to an analysis of their financial results.
These 12 PSBs witnessed 57 per cent increase in total profit compared to ₹66,539.98 crore earned in 2021-22.
In percentage terms Pune-based Bank of Maharashtra (BoM) had the highest net profit growth with 126 per cent to ₹2,602 crore, followed by UCO with 100 per cent rise to ₹1,862 crore and Bank of Baroda with 94 per cent increase to ₹14,110 crore.
However, in absolute term, SBI has reported an annual profit of ₹50,232 crore in 2022-23, showing an increase of 59 per cent over the preceding financial year.
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 per cent decline in annual net profit from ₹3,457 crore in 2021-22 to ₹2,507 crore in the year ended March 2023.
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