Top PSBs, Including SBI & Bank Of Baroda Exhibit Growth, Leaving Private Banks Behind

While the union government has invoked the need for greater divestment and detaching itself from 'business', many reiterating the phrase, 'government has no business in business', many public sector undertakings appear to be doing well.

The PSB Bonanza

Case in point: the public-owned banks. According to statistics produced by the government itself, major PSBs have increased their potential and expanded their numbers in terms of profits and their overall performance.

The country's largest lender and perhaps the most easily recognisable bank, the State Bank of India, has made a bumper profit of Rs 61,077 crore in 2023–24, compared to Rs 10,891 crore, nearly 10 years ago in 2013-14.

Even at the equity markets, the largest lender in the country has performed reasonably well, with a 49.29 per cent or Rs 279.65 surge in just one year. This has taken the overall value to Rs 847.05 per share.

Then comes the Bank of Baroda, with a Rs 17,778 crore profit in 2023-24, compared to its numbers of Rs 4,541 in 2013-14. Bank of Baroda saw its share value jump by 45.91 per cent or Rs 89.50 in a year, taking its value Rs 284.45 per share.

Union Bank Sees 107.79% Rise in Its Shares

Canara Bank, another important public-sector bank, jumped from its profit numbers of Rs 2,438 in 2013-14 to Rs 14,554 in 2023-24. Canara bank also saw a mammoth 98.92 per cent or Rs 60.62, taking the overall value to Rs 121.90 per share.

Another PSB, Union Bank of India, also saw its profits soar from Rs 13,649 in 2023-24 to Rs 1,696 crore in 2013-14. Meanwhile, the Union Bank of India surged 107.79 per cent or Rs 76.37, taking its value to Rs 147.22 per share.