Record Profit Surge: Public Sector Banks Reap ₹44,218 Crore in First Quarter

The finance ministry will assess public sector banks' impressive Q1 performance in a meeting led by Financial Services Secretary M Nagaraju. Public sector banks achieved a cumulative profit of ₹44,218 crore, spearheaded by SBI's significant contribution. However, certain banks like Punjab National Bank faced profit declines.

The finance ministry is set to evaluate the first-quarter financial performance of public sector banks (PSBs) during a meeting chaired by Financial Services Secretary M Nagaraju on Wednesday.

Spurred by market leader State Bank of India's substantial gains, Indian PSBs recorded a landmark profit of ₹44,218 crore this fiscal quarter, marking an 11% increase year-on-year.

While Indian Overseas Bank and Punjab & Sind Bank posted notable profit hikes, others like Punjab National Bank experienced significant declines, illustrating diverse financial trajectories within the sector.

(With inputs from agencies.)