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New Delhi. On Tuesday, the Finance Ministry announced that public sector banks (PSBs) have demonstrated robust performance during the first half of the current fiscal year. The ministry noted that in this timeframe, the net profit of public sector banks surged by 26 percent.
Additionally, their revenue has also risen, while non-performing assets (NPAs) have experienced a downturn. The cumulative business of 12 public sector banks, including State Bank of India and Punjab National Bank, reached Rs 236.04 lakh crore from April to September, marking an 11 percent increase compared to the previous year. Their lending rose by 12.9 percent year-over-year to Rs 102.29 lakh crore in the initial six months of the financial year 2024-25.
During this period, the deposit base of public sector banks grew by 9.5 percent to Rs 133.75 lakh crore. In the reviewing period, the operational profit of banks climbed by 14.4 percent year-on-year to Rs 1,50,023 crore. Net profit escalated by 25.6 percent to Rs 85,520 crore. The total gross and net NPA of banks as of September 2024 were recorded at 3.12 percent and 0.63 percent respectively, reflecting declines of 1.08 percent and 0.34 percent year-on-year.
The Finance Ministry emphasized in their statement that initiatives and regular oversight of the banking sector have effectively addressed numerous concerns and challenges.
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