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. the Public Sector Banks (PSBs) have come a long way as their profit touched Rs 1,04,649 crore in 2022-23, according to an analysis of their financial results.
Pune-based Bank of Maharashtra (BoM) had the highest net profit growth with 126 per cent to Rs 2,602 crore, followed by UCO with 100 per cent rise to Rs 1,862 crore and Bank of Baroda with 94 per cent increase to Rs 14,110 crore.
Other lenders like Punjab and Sind Bank posted an annual profit growth 26 per cent (Rs 1,313 crore), Central Bank of India 51 per cent (Rs 1,582 crore), Indian Overseas Bank 23 per cent (Rs 2,099 crore), Bank of India 18 per cent (Rs 4,023 crore), Indian Bank 34 per cent (Rs 5,282 crore) and Union Bank of India 61 per cent (Rs 8,433 crore).
