State-owned banks post record profit of Rs 1.29 lakh crore in April-December period

Public assemblage banks (PSBs) person posted highest-ever nett net of Rs 1.29 lakh crore successful the April-December play of the existent fiscal year, marking an yearly summation of 31.3 per cent. In a statement, the concern ministry said the show of PSBs has shown important betterment connected cardinal fiscal parameters, similar grounds nett net growth, improved plus quality, and build-up of capable superior buffers, during the play nether review.

The 12 state-owned banks recorded nett net maturation of 31.3 per cent (year-on-year) to execute highest-ever aggregate nett net of Rs 1,29,426 crore and aggregate operating nett of Rs 2,20,243 crore successful the 9 months of the fiscal year.

Further, improved plus prime is besides disposable from importantly debased nett NPA ratio astatine 0.59 per cent (aggregate nett NPA outstanding of Rs 61,252 crore), the concern ministry said successful a statement.

They posted aggregate concern maturation of 11 per cent (year-on-year), with improved aggregate deposit maturation astatine 9.8 per cent. Total aggregate concern of PSBs reached Rs 242.27 lakh crore during the period.

The banks besides reported robust recognition maturation of 12.4 per cent, led by retail recognition maturation of 16.6 per cent, agriculture recognition maturation of 12.9 per cent and MSME recognition maturation of 12.5 per cent.
The build-up of capable superior buffers, with aggregate superior to hazard weighted assets ratio of 14.83 per cent, was importantly supra the minimum request of 11.5 per cent.

"PSBs are adequately capitalised and good poised to conscionable recognition demands of each sectors of the economy, with peculiar thrust connected agriculture, MSME and infrastructure sector," the ministry said.

The concern ministry further said the argumentation and process reforms person resulted successful enhanced systems and processes for recognition discipline, designation and solution of stressed assets, liable lending, improved governance, fiscal inclusion initiatives, and exertion adoption.

These measures, it emphasised, person led to a sustained fiscal wellness and robustness of banking assemblage arsenic a full that is reflected successful the existent show of the PSBs.

The PSBs are Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank Indian Overseas Bank, Punjab National Bank, Punjab & Sind Bank, State Bank of India, Union Bank of India, and UCO Bank.