There has been a remarkable improvement in the performance of public sector banks in the recent past. Once upon a time, these banks, which were proving to be white elephants due to continuous losses, have started earning record profits. After creating a new record of profit making in the last financial year, public sector banks are now on the way to perform even better this year. This trend is becoming clear from the first quarter profit figures.
Profit has more than doubled
According to a report by news agency PTI, the first quarter of the current financial year In 2023 ie during April-June 2023, the profit of 12 public sector banks increased to Rs 34,774 crore. Earlier, during April-June 2022 i.e. the first quarter of the last financial year, the profit of these public sector banks was Rs 15,306 crore. This means that the profit of these public sector banks has more than doubled in a year.
This record was made in the last financial year
Earlier during the last financial year, Made a new record of earning profit. During the financial year 2022-23, the profit of public sector banks had crossed one lakh crore rupees. If you see this time, only one quarter has passed and the figure has reached close to Rs 35,000 crore. It seems that public sector banks can cross the last year’s figure of earning profit during the current financial year.
SBI leads in earning
Highest profit during the last financial year Happened to SBI. During the financial year 2022-23, SBI alone had contributed more than Rs 50 thousand crore in the profit of public sector banks. That is, on one hand the performance of all other banks and on the other hand SBI alone. SBI continued to dominate during the June quarter as well, contributing Rs 16,884 crore alone.
PNB profit grew the most
Punjab National Bank led the growth The name remained PNB reported a profit of Rs 1,255 crore in the June quarter, as against Rs 308 crore in the year-ago quarter. In this way, PNB’s profit increased by 307 percent in a year. SBI’s profit registered an increase of 178 percent on an annual basis. Only Punjab and Sind Bank registered a decline in its net profit in the first quarter.
Get more latest business news updates