Twenty-six public sector banks (PSBs) have posted an aggregate net profit growth of 47.5 per cent during the financial year ended March 2003.
The interest income, however, witnessed a single-digit growth, while treasury income remained the mainstay of growth in profits.
The 26 PSBs aggregated a net profit of Rs 12,313 crore during the year against Rs 8,348 crore in the previous year. The other income jumped by 34.2 per cent to Rs 20,978 crore.
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Interest income moved up at a higher pace than interest expenditure. While interest income looked up by 6.6 per cent to Rs 1,06,009 crore, interest expenditure rose by 6 per cent to Rs 69,003 crore.
The results show an underperformance by listed public sector banks (PSBs) versus unlisted banks. The 17 listed PSBs recorded a 44.1 per cent growth in their aggregate net profit compared with a 66 per cent growth witnessed by nine unlisted PSBs.
The interest income of listed banks was up 6.1 per cent, while that of unlisted banks was up 8.8 per cent.
Among listed PSBs, Dena Bank clocked the highest growth in net profit at Rs 905.2 crore followed by Allahabad Bank (106.9 per cent), Andhra Bank (99.2 per cent), Indian Overseas Bank (80.7 per cent), Union Bank of India (75.9 per cent), State Bank of Mysore (75.9 per cent) and Bank of India (67.2 per cent).
The State Bank of India showed a 27.7 per cent rise in net profit to Rs 3,105 crore, while Canara Bank saw a 37.4 per cent gain in net profit to Rs 1,019 crore.
Among unlisted PSBs, Indian Bank topped the list with more than a four-fold rise in its net profit to Rs 189 crore, a 156.4 per cent growth.
This was followed by Central Bank (87.7 per cent), State Bank of Indore (60.1 per cent) and Bank of Maharashtra (52.7 per cent).