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Public sector banks record net profit of ?85,520 crore in first half FY2024-25

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Public sector banks (PSBs), led by SBI, set for another stellar year in 2024-25 with record profits and transformative reforms.
Public sector banks in India have reported a significant increase in net profits, reaching ₹85,520 crore in the first half of the fiscal year 2024-25, as per data from the Finance Ministry. This marks a 61% rise compared to the ₹53,080 crore recorded in the same period of the previous fiscal year. The improvement in financial performance is attributed to better asset quality, with gross non-performing assets (NPAs) decreasing to 3.75% from 4.61% and net NPAs reducing to 0.76% from 1.17%. Additionally, the provisioning coverage ratio has improved to 92.34% from 90.89%, indicating stronger financial health and risk management. The return on assets also saw an uptick to 0.92% from 0.64%, reflecting enhanced profitability. This performance underscores the ongoing recovery and strengthening of public sector banks, supported by government initiatives and internal reforms.

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[ https://www.thehindubusinessline.com/economy/public-sector-banks-record-net-profit-of-85520-crore-in-first-half-fy2024-25/article68988979.ece ]