Public Sector Banks Achieve Record Profit and Growth in 2023

Public sector banks in India have reported a historic net profit of Rs 1.29 lakh crore in the April-December period of the current fiscal year, with a significant annual growth of 31.3%. The finance ministry highlighted improved financial parameters such as asset quality and capital buffers during this period.

Public sector banks (PSBs) in India have achieved their highest-ever net profit of Rs 1.29 lakh crore for the April to December period of the current fiscal year, marking an impressive 31.3% annual increase. This was revealed in a statement from the finance ministry on Monday.

The ministry noted that the performance of PSBs has improved significantly across multiple financial parameters. Net profit growth is at a record high, asset quality shows remarkable improvement, and capital buffers have been adequately strengthened during the review period.

In terms of specific figures, the 12 state-owned banks reported a net profit growth of 31.3% year on year, reaching an aggregate net profit of Rs 1,29,426 crore. Operating profit totaled Rs 2,20,243 crore over nine months. Asset quality further improved with a net NPA ratio of just 0.59%.