Public Sector Banks Report Record Profit of Rs 1.29 Lakh Crore for April to December 2024

In a remarkable achievement, public sector banks (PSBs) in India have posted their highest-ever net profit of Rs 1.29 lakh crore for the period of April to December 2024. This marks an impressive 31.3% year-on-year increase in profits. The finance ministry highlighted this achievement, emphasizing the significant improvements in key financial indicators such as net profit, asset quality, and capital buffers during this period.

SBI	16891
Bank of India	2516.7
Bank of Baroda	4837
Indian Bank	2852
PNB	4508.21
Punjab & Sind Bank	282
Canara Bank	4104
UCO Bank	639
Indian Overseas Bank	875.27
Union Bank of India	4604
Central Bank of India	959
Bank of Maharashtra	1406

Net Profit of Public Sector Banks in Q3-2024

The 12 state-owned banks collectively reported a net profit growth of 31.3%, reaching a record total net profit of Rs 1,29,426 crore. Alongside this, they achieved an aggregate operating profit of Rs 2,20,243 crore during the nine months of the financial year.

Improved Asset Quality and Strong Financial Performance

One of the standout features of this performance is the improved asset quality. The net non-performing asset (NPA) ratio has significantly dropped to just 0.59%, with a total net NPA outstanding of Rs 61,252 crore. This demonstrates the PSBs’ enhanced financial stability.