MUMBAI: Net profit of 12 public sector banks (PSBs) for nine months ended Dec 2024 crossed Rs 1.3 lakh crore, a 31.3% rise over previous year and highest ever for this period. SBI, which was the last to report its results, accounted for 40% of net profit of all PSBs at Rs 52,258 crore.
A finance ministry statement said policy and process reforms had strengthened credit discipline, recognition and resolution of stressed assets, responsible lending, governance, financial inclusion, and technology adoption. Total business grew 11% year-on-year to Rs 242.3 lakh crore, while aggregate deposits increased 9.8%.
