Q1 Net Up 24% For 29 Listed Banks

Twenty-nine listed banks have reported a 24.3 per cent rise in their aggregate net profit during the first quarter ended June 2002.

The growth in interest income was at 6.64 per cent, while other income increased by 10.75 per cent.

Interest income of the banks (14 public sector undertaking (PSU) banks and 15 private banks) rose 6.6 per cent to Rs 20,446.26 crore from Rs 19,173.68 crore in the corresponding period of the previous year. Other income jumped to Rs 3,090.27 crore.

Interest expenditure rose marginally by 4.7 per cent to Rs 13,898.36 crore, while tax and other provisions rose by 14.7 per cent to Rs 2,532.86 crore.

The combined net profit of the 29 banks rose from Rs 1,834.55 crore to Rs 2,279.81 crore during the quarter, a rise of 24.27 per cent.

The highlight of the first-quarter results is that PSU banks have outperformed private banks in terms of net profit growth.

The net profit of the 14 PSBs rose by 25.9 per cent to Rs 1,908.47 crore, while the net profit of the 15 private banks increased by 16.7 per cent to Rs 371.34 crore.

Among PSU banks, Vijaya Bank tops the net profit growth list with a 54.7 per cent rise. This was followed by State Bank of Bikaner & Jaipur (a 52.0 per cent rise in net profit), State Bank of Travancore (up 49.4 per cent), Bank of India (up 42.4 per cent), State Bank of India (31.6 per cent) and Corporation Bank (25.8 per cent).

The net profit of Bank of Baroda remained unchanged at Rs 182 crore, while Dena Bank posted a net profit of Rs 3.53 crore against a net loss of Rs 2.05 crore in the corresponding quarter of the previous year.

Among private sector banks, IndusInd Bank tops the list with a 53.7 per cent rise in net profit. UTI Bank (net profit up 41.8 per cent), HDFC Bank (up 32.9 per cent), J&K Bank (up 30 per cent), Karnataka Bank (up 25.2 per cent) and Dhanalakshmi Bank (up 25.1 per cent) are other banks which have reported a healthy jump in net profit.

The study excludes ICICI Bank as its first-quarter results are not comparable on account of the merger with ICICI with it.