Ministry of Finance in its latest data report has showed
that public sector banks (PSBs) recorded net profit growth of 31.3% year on
year (y-o-y) to achieve highest ever aggregate net profit of Rs 1,29,426 crore
and aggregate operating profit of Rs 2,20,243 crore, in first nine months of
the financial year 2024-25 (April-December).
As per the report, PSBs also witnessed improved asset
quality with significantly low Net NPA ratio at 0.59% (Aggregate net NPA
outstanding of Rs 61,252 crore). They also saw aggregate business growth of
11.0% y-o-y, with improved aggregate deposit growth at 9.8% y-o-y. Besides,
total aggregate business of PSBs reached Rs 242.27 lakh crore.
The report also noted that PSBs achieved robust credit growth of 12.4%, led by retail credit growth of 16.6%, agriculture credit growth of 12.9% and MSME credit growth of 12.5%. It said PSBs are adequately capitalized and well poised to meet credit demands of all sectors of the economy, with special thrust on Agriculture, MSME and Infrastructure Sector.
Source: Ace Equity
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