New Delhi, 23 March (IANS). There has been a strong growth in the financial situation of the government sector banks (PSB). Due to this, the dividend given by the government bank has increased by 33 percent to Rs 27,830 crore in FY 2023-24.
It was reported in government data that in the financial year 2022-23, public sector banks gave a dividend of Rs 20,964 crore.
In the financial year 2023-24, 65 percent of the total dividends given by public sector banks have been given to the government. The reason for this is to have a majority stake in the PSB of the government.
In FY 2022-23, the government received a dividend of Rs 13,804 crore from PSB. It also included the name of SBI.
The government is to earn record profits from public sector banks due to more dividend from PSB.
In FY 24, 12 government sector banks have collectively earned the highest profit of Rs 1.41 lakh crore till date, while in FY 23 the figure was Rs 1.05 lakh crore. During the first nine months of FY 25 alone, these banks have profitable a profit of Rs 1.29 lakh crore.
In FY 24, public sector banks had a total profit of Rs 61,077 crore. 40 percent of this contributed by State Bank of India (SBI). In FY 23, PSB had a profit of Rs 50,232 crore.
In FY 24, Punjab National Bank’s profits witnessed the highest jump of 228 percent. During this time the bank had a profit of Rs 8,245 crore.
Union Bank of India has increased by 62 percent to Rs 13,649 crore during the review period. The profit of Central Bank of India has increased by 61 percent to Rs 2,549 crore on an annual basis.
This change in the financial performance of public sector banks is important as these banks recorded a huge loss of Rs 85,390 crore in FY 18.
-IANS
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