In the last financial year, five Indian public sector banks (PSBs) have delivered strong returns to their shareholders despite the challenges posed by the COVID-19 pandemic. These banks include Bank of Maharashtra, Indian Bank, Central Bank of India, Punjab & Sind Bank, and Bank of India.
Bank of Maharashtra was the top performer among these five banks, delivering a return of over 134% in the last financial year. The bank’s strong performance was attributed to its improved financial performance and its efforts to clean up its balance sheet.
Indian Bank was another strong performer, with its shares delivering a return of over 101% in the last financial year. The bank’s strong performance was attributed to its focus on retail lending and digital banking initiatives, which helped it weather the challenges posed by the pandemic.
Central Bank of India also delivered strong returns to its shareholders, with its shares delivering a return of over 86% in the last financial year. The bank’s strong performance was attributed to its improved asset quality and its efforts to reduce its bad loans.
Punjab & Sind Bank and Bank of India were the other two PSBs that delivered strong returns to their shareholders in the last financial year. Both banks saw their shares deliver returns of over 69% in the year, with their improved financial performance and efforts to reduce bad loans being cited as reasons for their strong performance.
Despite the challenges posed by the COVID-19 pandemic, these five PSBs have managed to deliver strong returns to their shareholders. The strong performance of these banks is a testament to their efforts to improve their financial performance and strengthen their balance sheets, which has helped them weather the challenges posed by the pandemic.
As the Indian economy continues to recover from the impact of the pandemic, these PSBs are expected to benefit from the improving economic conditions and the government’s efforts to support the banking sector. With their improved financial performance and strong fundamentals, these banks are likely to continue to deliver strong returns to their shareholders in the coming years.
