PSU bank profits plunge 27% to Rs 37,000 cr

PSU bank profits plunge 27% to Rs 37,000 cr

Total net profit of all public sector banks, including SBI, PNB, Canara Bank and Bank of Baroda, fell sharply by 26.8 per cent to Rs 37,017 crore for fiscal ended March 2014 over the previous year.

These banks in which government owns more than 51 per cent had total net profit of Rs 50,583 crore in 2012-13.

This was stated by Minister of State for Finance Nirmala Sitharaman in a written reply in the Rajya Sabha.

Noting that rise in non-performing assets (NPAs) of PSBs was a matter of concern, the Minister said that “although the gross NPAs have increased at system level, the gross NPAs ratios of banks do not indicate any systemic vulnerability.” The Gross NPA of the PSBs at the March 2014 stood at Rs 2.27 lakh crore.

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