Public Sector Banks record total profit over Rs 1 lakh crore in FY23 with SBI being highest contributor
By MYBRANDBOOK
In the financial year that ended in March 2023, the Public Sector Banks (PSBs) recorded a cumulative profit of over Rs 1 lakh crore, 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 PSBs have come a long way from a total net loss of Rs 85,390 crore in 2017-18 to Rs 1,04,649 crore in 2022-23.
These 12 PSBs witnessed 57 per cent increase in total profit compared to Rs 66,539.98 crore earned in 2021-22.
Pune-based Bank of Maharashtra (BoM) touched the highest net profit growth with 126 percent to Rs 2,602 crore, followed by UCO with 100 percent rise to Rs 1,862 crore and in the third position, Bank of Baroda with 94 percent increase to Rs 14,110 crore.
However, in absolute term, SBI has reported an annual profit of Rs 50,232 crore in 2022-23, showing an increase of 59 percent over the preceding financial year.
Apart from the Punjab National Bank (PNB), all the other PSBs reported an annual increase in their profit after tax.
Delhi-headquarter PNB posted a 27 percent decline in annual net profit from Rs 3,457 crore in 2021-22 to Rs 2,507 crore in the year ended March 2023.
The PSBs which reported an annual profit in excess of Rs 10,000 crore are Bank of Baroda (Rs 14,110 crore) and Canara Bank (Rs 10,604 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).
This change in the results can be credited to the reforms undertaken by the Government of India.
The government has implemented a comprehensive 4R strategy: Recognising NPAs transparently, Resolution and recovery, Recapitalising PSBs, and Reforms in the financial ecosystem. As part of the strategy, the government infused an unprecedented Rs 3,10,997 crore to recapitalise PSBs during the last five financial years -- from 2016-17 to 2020-21.
The recapitalisation programme provided much-needed support to the PSBs and prevented the possibility of any default on their part.
The reforms undertaken addressed credit discipline, ensured responsible lending and improved governance. Also, apart from reforms, adoption of technology, amalgamation of banks, and general confidence of bankers was maintained.
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