
India’s banking sector has seen robust growth in profits, with the State Bank of India (SBI) leading the charge. The latest figures highlight the significant profitability of India’s top banks, reflecting their resilience and adaptability in a dynamic economic landscape.
SBI, India’s largest public sector bank, reported an impressive profit of ₹70,543 crore in the trailing twelve months (TTM). Despite concerns over deposit growth lagging behind credit growth, a recent report from SBI suggests that these fears may be overstated. The banking sector, particularly All Scheduled Commercial Banks (ASCBs), saw record growth in both deposits and credit in FY23 and FY24. SBI’s strong performance underscores its dominant position in the industry.
HDFC Bank, the largest private sector lender in India, posted a TTM profit of ₹70,231 crore. The bank has faced challenges following its merger with HDFC Ltd., including a high credit-to-deposit ratio and narrowing margins. However, it remains focused on sustainable growth, supported by stable asset quality and robust subsidiary performance.
ICICI Bank, another major player in India’s private banking sector, reported a profit of ₹47,529 crore. The bank continues to strengthen its market position through strategic initiatives and a focus on digital transformation.
Axis Bank recorded a profit of ₹26,846 crore, showcasing its continued growth in the competitive banking landscape. Kotak Mahindra Bank reported a profit of ₹21,511 crore.
Here is the complete list of Top 15 banks with largest profits (TTM) –
- State Bank of India (SBI): ₹70,543 Cr
- HDFC Bank: ₹70,231 Cr
- ICICI Bank: ₹47,529 Cr
- Axis Bank: ₹26,846 Cr
- Kotak Mahindra Bank: ₹21,511 Cr
- Bank of Baroda: ₹19,165 Cr
- Canara Bank: ₹15,744 Cr
- Union Bank of India: ₹14,167 Cr
- Punjab National Bank (PNB): ₹11,786 Cr
- Indian Bank: ₹9,144 Cr
- IndusInd Bank: ₹8,978 Cr
- Bank of India: ₹6,894 Cr
- IDBI Bank: ₹6,319 Cr
- Bank of Maharashtra: ₹4,483 Cr
- Federal Bank: ₹4,118 Cr