Finance Minister Nirmala Sitharaman on Monday (November 7) asserted that the measures rolled out by the Centre to cut toxic loans are yielding results with 12 state-run banks reporting a 50 per cent surge in combined net profit at Rs 25,685 crore for the second quarter ended September 30.
In the first half of FY23, the cumulative net profit of all public sector banks (PSBs) rose by 32 per cent to Rs 40,991 crore.
State Bank of India (SBI), the country’s largest lender, posted the highest-ever profit of Rs 13,265 crore in the July-September quarter. On a year-on-year basis, this was 74 per cent higher than the same quarter a year ago.
The FM wrote on Twitter, “The continuous efforts of our govt for reducing the NPAs and further strengthening the health of PSBs are now showing tangible results. All 12 PSBs declared net profit of Rs 25,685 cr in Q2FY23 & total Rs 40,991 cr in H1FY23, up by 50% & 31.6%, respectively (y-o-y).”
FM Sitharaman said Canara Bank reported an 89 per cent surge in profit to Rs 2,525 crore as compared to second quarter of the previous fiscal.
In an another tweet, FM Sitharaman mentioned UCO Bank reported a 145 per cent jump in profit to Rs 504 crore while Bank of Baroda’s rose by 58.70 per cent to Rs 3,312.42 crore in the second quarter.
