December 15, 2024 5:19 PM

Indian SCBs post record net profit of ₹23.50 lakh crore in FY24, reduce NPAs

Scheduled Commercial Banks (SCBs) in India have achieved a significant milestone by recording the highest-ever aggregate net profit of ₹23.50 lakh crore in FY2023-24, compared to ₹22.63 lakh crore in FY2022-23, according to the Ministry of Finance.   The asset quality of SCBs has also improved remarkably, with the gross non-performing asset (NPA) ratio declining to 2.67% (₹4.75 lakh crore) in June 2024 from a peak of 11.18% (₹10.36 lakh crore) in March 2018. Public Sector Banks (PSBs)...