Net Profit Of 19 Psbs Up 129%

The aggregate net profit of 19 nationalised banks for fiscal 2001-02 jumped by 129.09 per cent to Rs 4,859 crore compared with Rs 2,121 crore in 2000-01. The combined net profit of the seven associate banks of the State Bank of India (SBI) increased by 64.46 per cent to Rs 1,018 crore from Rs 619 crore.

SBI, which will announce its annual results on June 20, is expected to post around a Rs 2,250 crore net profit in fiscal 2001-2002.

The operating profit of the nationalised banks were up by 64.26 per cent to Rs 13,228 crore from Rs 8,053 crore in the fiscal, while the same of the seven SBI associate banks increased by 51.04 per cent to Rs 2,675 crore.

 

In 2000-01, these 7 banks had posted an operating profit of Rs 1,771 crore. Among the nationalised banks, United Bank of India tops the list with a 578.95 per cent rise in net profit at Rs 129 crore. The bank had posted a net profit of Rs 129 crore in the fiscal before.

Other banks which put up outstanding performances were Uco Bank (a 398.55 per cent increase in net profit to Rs 165 crore), Central Bank of India (251.49 per cent up to Rs 163 crore) and Bank of Maharashtra (221.77 per cent up to Rs 145 crore).

Net profit of Bank of India has gone up by 100.40 per cent to Rs 505 crore from Rs 252 crore in 2000-01, while Bank of Baroda's net profit went up by 98.80 per cent to Rs 546 crore (Rs 301 crore). Among the 7 SBI associate banks, the net profit of State Bank of Saurashtra zoomed by 428.07 per cent to Rs 82 crore (Rs 16 crore), while State Bank of Mysore witnessed a 156.18 per cent spurt in profit to Rs 66 crore (Rs 26 crore).