Twenty-one banks have registered a 72 per cent growth in net profit at Rs 7,322 crore during the financial year 2002-03 compared with Rs 4,245 crore in the previous fiscal.
The sample comprises 10 public sector banks and 11 private sector banks, which in turn comprise old and new-generation ones.
Out of these, eighteen are listed. Most of the public sector banks have announced their yearly results. But Bank of Baroda, State Bank of India and some of its associates are yet to announce their results.
The sample takes into account the merger effect of ICICI and ICICI Bank which has pushed up the net profit of the bank by 367 per cent from Rs 258 crore to Rs 1,206 crore. In fact, it has recorded the highest net profit in the group of banks selected in absolute terms.
In terms of percentage growth in net profit, Indian Bank posted topped with a 470 per cent rise from Rs 33 crore to Rs 188 crore. The bank has staged a turnaround by reducing the level of non-performing assets.
United Bank of India, which is also in recast mode, has recorded a 156 per cent growth to Rs 305 crore from Rs 119 crore.
On the income front, the twenty-one banks have registered 32 per cent growth in total income at Rs 57,967 crore compared with Rs 43,651 crore.
The rise was more pronounced in the non-interest part rather than in the interest part. Interest income grew by 26 per cent to Rs 45, 858 crore (Rs 36,299 crore), while the non-interest income increased by 64 per cent to Rs 12,109 crore ( Rs 7,352 crore).
Interest expenditure, on the other hand, was in line with the interest income. It has gone up by 25 percent to Rs 32,667 crore (Rs 26,090 crore).
Barring a few, all the banks have strengthened their capital adequacy ratio (CAR). Corporation Bank topped the list with 18.5 per cent, up from last year
