source:moneycontrol.com
In Financial Year’21, the banking sector has recorded the highest profit ever at Rs 1,02,252 crores, amidst COVID-19, a time when economy was going through its toughest times. This is said to be a huge turnaround after the net loss of Rs 5,000 crore recorded by the sector in Financial Year’19.
The biggest turnaround took place when for the first time in five years, the Public Sector Banks (PSBs) recorded an overall net profit. However, only 2 out of 12 Public Sector Banks have recorded a net loss for year, namely Punjab & Sind Bank and Central Bank of India.
In Private sector banks, Yes Bank made its place in the red list recording a net loss of around Rs 3,462 crores. Notably the banks in the red list have recorded less losses this year as compared to previous years.
Now, talking about the banks which have recorded profits and contributed almost half to the sector’s profits includes –
Firstly, HDFC accounting with an increasing rate from 18% in previous years to almost 30% this year at Rs 31,116 crores.
Secondly, State Bank of India accounting for almost 20% at Rs 20,410 crores.
Thirdly, ICICI bank recording Rs 16,192 crores that is the double of what it earned in previous year.
However as the Public Sector Banks were going down, the private sector banks paced at earning the market share due to their increase in profit records.