The country’s public sector banks were once notorious for running into losses and defrauding the government exchequer. However, in the last 5 years, there has been tremendous improvement in the condition of public sector banks. These government banks, which once incurred losses of thousands of crores, have now started earning huge profits.
SBI alone contributed so much
According to a PTI report, during the last financial year (2022-23), the profit of public sector banks ie PSBs collectively crossed Rs 1 lakh crore. In this, almost half the stake was of the country’s largest bank SBI. This means that the profit earned by 11 other public sector banks together is almost equal to that earned by State Bank of India alone.
There was so much loss 5 years ago
Looking at the financial results of public sector banks, it is known that they have come a long way in the last few years. In the financial year 2017-18, these public sector banks were in huge losses. During this period, there was a total loss of Rs 85,390 crore including public sector banks. Now this situation has completely changed and in the financial year 2022-23, these banks have earned a profit of Rs 1,04,649 crore.
57 percent more than a year ago
According to the report, the profit of these 12 public sector banks has increased by 57 per cent as compared to the year before i.e. FY 2021-22. During the financial year 2021-22, all 12 public sector banks together made a profit of Rs 66,539.98 crore. During the financial year 2022-23, SBI alone has contributed more than Rs 50 thousand crore in the profit of public sector banks.
The profit of this bank increased the most
During the last financial year, State Bank of India’s profit increased by 59 percent to Rs 50,232 crore. However, in percentage terms, the most spectacular growth came in the profit of Bank of Maharashtra, which grew by 126 per cent to Rs 2,602 crore. After this, UCO Bank’s profit increased by 100 percent to Rs 1,862 crore and Bank of Baroda’s profit increased by 94 percent to Rs 14,110 crore.
Only PNB’s profit declined
During the last financial year, only Punjab National Bank’s profit declined. Except this, the profit of all other 11 public sector banks registered a boom. PNB’s net profit fell by 27 per cent to Rs 2,507 crore as compared to Rs 3,457 crore in 2021-22. According to the data, Bank of Baroda (Rs 14,110 crore) and Canara Bank (Rs 10,604 crore) were also included in the public sector banks earning more than Rs 10,000 crore annual profit.
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