FY2022-23 Public Sector Banks’ total profit cross Rs 1 lakh crore

After a total net loss of Rs 85,390 crore in 2017-2018, Public Sector Bank’s achieved a profit a 1,04,649 lakh crore financial year 2022-2023.

In the Financial Year 2021-2022, these 12 PSB made a total profit Rs 66,539.98 crore, which has since increased by 57%.

 Bank Wise FY2023 Annual Profit

Bank  Profit(in crore) Growth Rate
Bank Of Maharashtra Rs 2,602 126%
UCO Bank Rs 1,862 100%
Bank of Baroda Rs 14,100 94%
Canara Bank Rs 10,604
Central Bank of India Rs 1,582 51%
Indian Bank Rs 5,282 34%
Indian Overseas Bank Rs 2,099 23%
Bank of India Rs 1,582 18%
Punjab and Sind Bank Rs 1,313 26%
Union Bank of India Rs 8,433 61%
State Bank of India Rs 50,232 59%

Key Points:- a) Punjab National Bank is the only Bank that has a declined from the previous fiscal year. PNB’s  annual net profit decline 27% from Rs 3,457 crore in 2021-2022 to 2,507 crore in the financial year ending March 2023.

b) During the last five financial years(2016-2017 to 2021-2022), the government invested Rs 3,10,997 to recapitalize banks. This investment will be made under the 4 R strategy.

4 R strategy:-

  1. Recognition
  2. Resolution
  3. Recapitalization
  4. Reform

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