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Public sector banks’ total profit crosses 1 lakh crore-mark in FY23

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The Public Sector Banks (PSBs) have come a long way as their profit touched Rs. 1,04,649 crore in 2022-23. These 12 PSBs witnessed a 57% increase in total profit compared to 66,539.98 crore earned in 2021-22.

Public sector banks’ cumulative profit crossed the Rs.1 lakh crore mark in the financial year ended March 2023, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings. According to an analysis of their financial results, the Public Sector Banks (PSBs) have come a long way as their profit touched 1,04,649 crore in 2022-23. These 12 PSBs witnessed a 57% increase in total profit compared to 66,539.98 crore earned in 2021-22.

In percentage terms, Pune-based Bank of Maharashtra (BoM) had the highest net profit growth with 126% to 2,602 crore, followed by UCO with a 100% rise to 1,862 crore and Bank of Baroda with a 94% increase to 14,110 crore.

However, in absolute terms, SBI has reported an annual profit of 50,232 crore in 2022-23, showing an increase of 59% over the preceding financial year. Except for the Punjab National Bank (PNB), other PSBs have reported impressive annual increases in their profit after tax.