Image used for representational purposes only. (Photo | RDNE/Pexels)For the first time ever, the cumulative net profits of Indian banks surpassed Rs 3 lakh crore in 2023-24, up from Rs 2.3 lakh crore in 2022-23. The rise was driven by healthy loan growth and increase in banks’ other income, though the net interest margins for some were weighed down by the rising cost of funds. While the 26 private lenders’ net profits shot up 42 percent to Rs 1.78 lakh crore, the 12 public sector banks (PSBs) reported net profits of Rs 1.41 lakh crore in 2023-24, a 34 percent increase. Some PSBs, including Bank of India, Bank of Maharashtra and Indian Bank, saw their profits jump over 50 percent in…
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Banks should improve corporate loans, keep deposit base healthy
