Profits of Government and Private Banks: Public sector banks (PSBs) have doubled their net profit during financial year 2021-22. The collective profit of 12 state-owned banks during 2021-22 is Rs.66,539 crore, an increase of 110% over Rs.31,816 crore in FY21.
All 12 government banks reported a net profit for the first time in several years. In FY18, only two out of 21 PSBs reported profit. In FY21, only two PSBs reported losses – Central Bank and Punjab & Sind Bank.
Profits of Government Banks in Financial Year 2022
|Bank of Baroda||7272|
Profits of Private Banks in Financial Year 2022
|Kotak Mahindra Bank||8572|
Private Banks reported a net profit of over Rs.91,000 crore, 29% higher than previous year’s Rs.70,435 crore.
SBI’s net profit was the highest at Rs.31,675 crore – an increase of 55% over the previous year. The country’s largest bank accounted for 47% of the total profits of the PSBs. After SBI, Bank of Baroda reported a net profit of Rs.7,272 crore. Canara Bank reported a net profit of Rs.5,678 crore.
The highest revenue growth was reported by Bank of Baroda, followed by UCO Bank. The higher profits have enabled PSBs to contribute more toward dividends, which will help the government. The collective dividend of PSBs is over Rs 8,000 crore.
Private banks were led by HDFC Bank (Rs 36,961 crore), ICICI Bank (Rs 23,339 crore), Axis Bank (Rs 13,025 crore), Kotak Mahindra Bank (Rs 8,572 crore), IndusInd Bank (Rs 4,611 crore) and Federal Bank (Rs 1889 crore).