Net profits of 16 private banks have risen 45.1 per cent during the year ended March 2003.
These banks have posted an aggregate bottomline of Rs 1,712 crore in financial 2003 compared with Rs 1,180 crore in fiscal 2002.
The highlight of the fiscal 2003 show was that old private banks outperformed the new ones.
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While 12 old private banks recorded a 53.3 per cent growth in net profit to Rs 990 crore, five new ones had posted a growth of 35.2 per cent to Rs 722 crore.
Among the old private banks, Bank of Rajasthan had the biggest net profit growth of 69.7 per cent at Rs 68.42 crore. Dhanalakshmi Bank, with a 49.2 per cent growth in net profit came second. Jammu & Kashmir Bank ranked third.
Among new private banks, UTI Bank emerged top with a 43.3 per cent rise in net profit. Its net profit rose from Rs 134.14 crore to Rs 192.18 crore. IndusInd Bank showed a 40.6 per cent rise in net profit to Rs 71.35 crore from Rs 50.75 crore.
IDBI Bank ranked third with a 35.6 per cent profit growth to Rs 71.10 crore, followed by HDFC Bank which showed a net profit of Rs 387.60 crore for fiscal 2003 compared to Rs 297.04 crore in 2002, a growth of 30.5 per cent.
Owing to its merger with ICICI and two of its subsidiaries, ICICI Bank has not been included in the study. Also, the financials of Global Trust Bank were not available as its results are yet to be published.
In fiscal 2003, ICICI Bank had reported a net profit of Rs 1,206 crore, while its net profit for 2002 stood at Rs 258 crore.
Meanwhile, the interest received by these 16 banks rose by eight per cent to Rs 12,269 crore while their interest expenditure recorded a modest rise of 2.3 per cent to Rs 8,560 crore.
Other income witnessed a 16.9 per cent spurt to Rs 3,288 crore. Operating expenditure was up by 21 per cent to Rs 3,050 crore from Rs 2,520 crore whereas tax provisions had a marginal rise of 6.5 per cent to Rs 2,234 crore.