- By Aditya Pratap Singh
- Fri, 21 Feb 2025 09:20 AM (IST)
- Source:JND
The Finance Ministry has convened a meeting of heads of public sector banks (PSBs) on March 4 to review the financial performance of banks and progress of financial inclusion schemes. The meeting will be chaired by Financial Services Secretary M Nagaraju.
The meeting will also discuss and review the progress of various financial inclusion schemes, including the Prime Minister's Swanidhi schemes, sources said. This will be the first meeting after the Union Budget 2025-26 is presented in Parliament.
Public sector banks have posted their highest ever net profit of Rs 1.29 lakh crore during the April-December period of the current financial year, registering a growth of 31.3 per cent over the previous year.
The performance of public sector banks during the period under review has shown significant improvement in key financial parameters such as record net profit growth, improved asset quality and building adequate capital buffers.
In the first nine months of this fiscal, 12 public sector banks have registered a net profit growth of 31.3 per cent (year-on-year), taking their total net profit to Rs 1,29,426 crore and total operating profit to Rs 2,20,243 crore, the highest ever.
Furthermore, the significantly reduced net NPA ratio to 0.59 per cent (total outstanding NPA of Rs 61,252 crore) also reflects improved asset quality, the Finance Ministry said in a statement.
They reported a total business growth of 11 per cent (year-on-year), with total deposit growth improving by 9.8 per cent. The total business of PSBs during the period reached Rs 242.27 lakh crore.
(With Inputs From PTI)
