The manufacturing sector recorded a 29 per cent growth in net profit during the period.
The net profit growth rate of 38 listed banks looked at in this study would have been higher had it not been for the 92 per cent surge in provision for taxes that the banks made.
The provision for taxes at these banks accounted for 29.75 per cent of their profit before tax in the quarter ended September 2003, up from 24.59 per cent in the corresponding quarter of the previous year.
Interest income continued to grow at a slower pace than the bottomline. The growth rate in interest income dropped to an all-time low of 0.78 per cent, from 3.47 per cent in the April-June quarter and over 12 per cent in the January-March 2003 and October-December 2002 quarter.
But despite the lower growth in interest income, banks
