Positive Results Are The Result Of Deep Structural Reforms Undertaken By The Government, Especially Efforts In Cleaning Up Bad Loans And Non-Performing Assets (NPAs), A Point Underlined By Finance Minister Nirmala Sitharaman.
The government and the Reserve Bank of India (RBI)’s efforts to improve the health of the banking system, despite being a painful process, have borne fruit (Pradeep GauOver the past week, public sector banks have declared results for the June-September quarter, showing a strong performance with a total net profit of ₹25,685 crore, a 50% year-on-year rise. In the first half of the current fiscal, these banks have returned a profit of ₹40,991 crore, a 31.6% jump year-on-year, riding on strong credit growth. Among the best performers was State Bank of India, which recorded a 74% jump in net profit to ₹13,265 crore. The impressive results unleashed a sense of optimism in the sector, especially because the asset quality of these banks also continues to improve.