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PSBs’ profit surges 35% in FY24

SBI alone contributed 40% to total earnings; BoB, Canara Bank reported over Rs10k cr profit each; Out of 12 PSBs, only Punjab & Sind Bank suffered 55% fall in net profit

PSBs’ profit surges 35% in FY24

New Delhi: Public-sector banks’ cumulative profit crossed Rs1.4 lakh crore in the financial year ended March 2024, recording a growth of 35 per cent over the previous year on a high base of Rs1 lakh crore. The 12 Public-Sector Banks (PSBs) together had earned a net profit of Rs1,04,649 crore in 2022-23.

Out of the total profit of Rs141,203 crore earned during the FY24, market leader State Bank of India (SBI) alone contributed over 40 per cent of the total earnings, as per the published numbers on exchanges.

SBI earned a profit of Rs61,077 crore 22 per cent higher than the previous financial year (Rs 50,232 crore). In percentage terms Delhi-based Punjab National Bank (PNB) had the highest net profit growth with 228 per cent to Rs8,245 crore, followed by Union Bank of India (UBI) with a 62 per cent rise to Rs13,649 crore and Central Bank of India with a 61 per cent increase to Rs2,549 crore.

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