Public sector banks' total profit surpasses Rs 1.4 lakh crore in FY24

The cumulative profit of Public sector banks has touched the figure of Rs 1.4 lakh crore in the financial year ended March 2024, recording a growth of 35 percent over the previous year on a high base of Rs 1 lakh crore.

Out of the total profit of Rs 141,203 crore earned during the FY24, the incumbent State Bank of India (SBI) alone contributed over 40 percent of the total earnings, as per the published numbers on exchanges.

The largest public sector Bank SBI has rolled over a profit of Rs 61,077 crore 22 per cent higher than the previous financial year (Rs 50,232 crore).

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On an average comparison basis, Punjab National Bank had the highest net profit growth with 228 percent to Rs 8,245 crore, followed by Union Bank of India with a 62 percent rise to Rs 13,649 crore and Central Bank of India with a 61 percent increase to Rs 2,549 crore.

 Bank of India with a 57 percent growth to Rs 6,318 crore while Bank of Maharashtra with a 56 percent rise to Rs 4,055 crore and Chennai-based India Bank recorded a 53 percent improvement to Rs 8,063 crore, are the Public Banks that recorded over 50% surge in overall net profit.

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Punjab & Sind Bank, reported a 55 per cent decline in annual net profit, dropping from Rs 1,313 crore in 2022-23 to Rs 595 crore in the fiscal year ending March 2024. At the same time, the PSBs which reported an annual profit above Rs 10,000 crore are Bank of Baroda (Rs 17,788 crore) and Canara Bank (Rs 14,554 crore).

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