Goods that were banked during the Corona period; Big earnings of all banks from SBI | Goods bank during the Corona period; All banks have huge earnings from SBI

Goods that were banked during the Corona period; Big earnings of all banks from SBI | Goods bank during the Corona period; All banks have huge earnings from SBI

In the current financial year 2021, the banking sector has made a record profit of Rs 1,02,252 crore. Earlier, in the financial year 2019, the Bharti banking industry had to bear a loss of nearly Rs 5,000 crore. (Goods bank during the Corona period; All banks have huge earnings from SBI)

Goods bank during the Corona period;  All banks have huge earnings from SBI

Goods that became banks during the Corona period

New Delhi: Corona has affected everyone from the general public to the government. The country’s economy has also slowed down. The country’s GDP has fallen to -7.3 per cent for the first time in 40 years. But there were good days for the country’s banking sector during this period. From public sector banks to private banks, all banks have made huge profits. In the current financial year 2021, the banking sector has made a record profit of Rs 1,02,252 crore. Earlier, in the financial year 2019, the Bharti banking industry had to bear a loss of nearly Rs 5,000 crore. (Goods bank during the Corona period; All banks have huge earnings from SBI)

In terms of profits, HDFC Bank, the country’s largest private sector bank, has a net profit of Rs 31,116 crore, which is 30 per cent of the total banking sector. On the other hand, SBI, the country’s largest state-owned bank, has also made a lot of money during the period.

Why did the income of private banks increase?

State Bank of India, the country’s largest state-owned bank, made a profit of Rs 20,410 crore during the Corona period. This is about 20 per cent of the total profits in the banking sector. ICICI Bank, on the other hand, posted a net profit of Rs 16,192 crore. This year’s profit is double that of the previous financial year. The biggest reason behind the profitability of private sector banks was the slowdown in lending by public sector banks. During the Corona period, people needed more loans. In such a scenario, the reluctance of government banks to lend has benefited the private sector. Private banks accelerated lending compared to public sector banks. During the Corona period, private banks remained more active in lending than government banks.

Loss of only 2 out of 12 public sector banks

The share of public sector banks in the total profits of the banking sector is also strong. Only 2 out of 12 public sector banks in the country have suffered losses during this period. What is special is that these state-owned banks came into collective net profit for the first time. Banks’ losses are lower this year than last.

Bad loans are also a big reason

One of the major reasons for banks’ profits is that many large banks have come out of the problem of bad loans during this period. SBI, the country’s largest state-owned bank, has made a profit of 80 per cent. At the same time, the profit growth of the country’s two largest private banks has been spectacular. The government, on the other hand, is currently working to strengthen the position of banks through mergers. (Goods bank during the Corona period; All banks have huge earnings from SBI)

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