Finance minister lauds state-owned banks for recording profits

Finance Minister Nirmala Sitharaman on Monday lauded all 12 public sector banks for recording combined net profits worth Rs 25,685 crore in the second quarter of the current fiscal.In a series of tweets, she said, “The continuous efforts of our government 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”.She said that the combined net profits of public sector banks recorded a year-on-year growth of 50 per cent.Similarly, in the first half of the current fiscal, the 12 state-owned banks recorded a total profits of Rs 40,991 crore, which were 31.6 per cent higher year-on-year.Country’s largest lender State Bank of India (SBI) reported a 74 per cent jump in profit to Rs 13,265 crore.Canara Bank reported 89 per cent jump in profit to Rs 2,525 crore, UCO Bank reported a huge 145 per cent jump in profit to Rs 504 crore, while the Bank of Baroda reported 58.70 per cent profit of Rs 3,312.42 crore in the September quarter of 2022-23.