DelhiDesk Public sector banks in India have reported earnings of over INR1tn ($14bn) in the financial year 2022-23, with State Bank of India accounting for more than half of the total. In the previous financial year, the banks had posted a combined loss of approximately INR85,390 crore. However, all but one of the 12 banks saw their profits surge, with SBI’s profit increasing by 59% to INR50,232 crore. The earnings of these banks have increased by around 57% year on year.
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Here is the news bullets sorted by DelhiBreakings.com team.
– Public sector banks in India earn over Rs 1 lakh crore in financial year 2022-23
– State Bank of India (SBI) alone earns more than half of the amount
– In financial year 2021, government banks had a loss of Rs 85,390 crore
– Combined earnings of all 12 public sector banks go up to Rs 1,04,649 crore
– Profit of all 12 public sector banks increased by about 57% in a year
– Pune-based Bank of Maharashtra and UCO Bank show highest percentage-wise profit growth
– SBI shows highest profit increase, earning Rs 50,232 crore in FY2023
– Except Punjab National Bank, all public sector banks registered significant profit increase
– Modi government plans to sell government banks after IDBI Bank privatization
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