Finance Ministry chairs meeting with public-sector banks after record profits
What's the story
The Indian Finance Ministry has scheduled a meeting with the heads of public sector banks (PSBs) on August 20. The meeting will be chaired by Financial Services Secretary M Nagaraju. It is aimed at reviewing the financial performance of these banks for the first quarter of FY25-26, according to PTI. The review comes after PSBs reported a record profit of ₹44,218 crore in Q1, an 11% year-on-year (YoY) increase.
Market leaders
SBI dominates earnings, PNB reports decline
The State Bank of India (SBI) led the pack with a whopping 43% share in the total earnings of ₹44,218 crore. SBI's net profit for Q1 FY26 stood at ₹19,160 crore, marking a 12% increase from last fiscal's same period. Despite other banks witnessing profit growth, Punjab National Bank (PNB) reported a decline during this quarter.
Profit surge
IOB and Punjab & Sind Bank lead profit growth
Chennai-based Indian Overseas Bank recorded the highest net profit growth of 76% to ₹1,111 crore. It was followed by Punjab & Sind Bank with a 48% rise in profits to ₹269 crore. During the quarter, all 12 public sector banks (PSBs) except Punjab National Bank (PNB) reported profit growth. PNB's net profit fell by a whopping 48% to ₹1,675 crore from last year's ₹3,252 crore for the same period.