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PSBs’ Net Profit Crosses ₹1.4 Lakh Crore in FY24

May 17, 2024
Banking & Finance

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Public sector banks’ cumulative profit crossed ₹1.4 lakh crore in the financial year ended March 2024, recording a growth of 35% over the previous year on a high base of ₹1 lakh crore. The 12 Public Sector Banks (PSBs) together had earned a net profit of₹1,04,649 crore in 2022-23. Out of the total profit of ₹1,41,203 crore earned during the FY24, market leader State Bank of India (SBI) alone contributed over 40% of the total earnings.

SBI earned a profit of ₹61,077 crore 22 per cent higher than the previous financial year (₹50,232 crore). In percentage terms, Punjab National Bank had the highest net profit growth with 228% to ₹8,245 crore, followed by Union Bank of India with a 62 % rise to ₹13,649 crore and Central Bank of India with a 61 per cent increase to ₹2,549 crore.

Among the banks which recorded over 50% jump in net profit included Bank of India with a 57% growth to ₹ 6,318 crore while Bank of Maharashtra with a 56 per cent rise to ₹4,055 crore and Chennai-based Indian Bank recorded a 53 per cent improvement to ₹8,063 crore. During the year, the only public sector bank out of 12 reported drops in profit was Punjab & Sind Bank.

Punjab & Sind Bank reported a 55% decline in annual net profit, dropping from ₹1,313 crore in 2022-23 to ₹595 crore in the fiscal year ending March 2024. The PSBs which reported an annual profit in excess of ₹10,000 crore are Bank of Baroda (₹17,788 crore) and Canara Bank (₹14,554 crore). PSB is a turnaround story from record losses of ₹85,390 FY18 to record profit in FY24.

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