SBI, PNB and other PSBs Record ₹44,218 Crore Profit in Q1FY26

India’s public sector banks (PSBs) delivered a stellar performance in the first quarter of FY26, posting a record combined net profit of ₹44,218 crore. This marks an 11% year-on-year increase from ₹39,974 crore reported in the same quarter last year. The gains were driven primarily by the State Bank of India (SBI), which accounted for nearly half the sector’s total earnings, while a few lenders, including Indian Overseas Bank (IOB) and Central Bank of India, posted strong percentage gains.

SBI Remains Dominant, IOB and Punjab & Sind Bank Show Surge

SBI continued to anchor the sector’s performance with a Q1 FY26 net profit of ₹19,160 crore, reflecting a 12% rise over the previous year and contributing a massive 43% to the total PSB earnings. In terms of growth, Indian Overseas Bank led the pack with a 76% jump in net profit, reaching ₹1,111 crore. Punjab & Sind Bank followed with a 48% rise in profit, totalling ₹269 crore for the quarter.

Mixed Performance Across Banks, PNB Sees Steep Fall

Among other notable performers, Central Bank of India posted a strong 32.8% increase in profit to ₹1,169 crore, while Indian Bank registered a 23.7% rise to ₹2,973 crore. Bank of Maharashtra reported a net profit of ₹1,593 crore, reflecting a 23.2% year-on-year gain. However, not all lenders shared in the upswing. Punjab National Bank (PNB) recorded a sharp 48% decline in net profit to ₹1,675 crore, down from ₹3,252 crore last year.

Also Read: RBI Plans to Ease Claim Process for Deposits and Lockers of Deceased Customers!

Conclusion

The first quarter of FY26 has reinforced the strong momentum among India’s public sector banks, with leading institutions like SBI and IOB setting the tone. Despite the isolated setback at PNB, the overall sectoral performance highlights a resilient and growing banking landscape powered by robust fundamentals.

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