Public Sector Bank Profits Nearly Doubled In 01-02

Twenty-seven public sector banks (PSBs) have reported a 92.4 per cent growth in net profit during the financial year 2001-2002, compared with a net profit drop of 15.6 per cent in 2000-2001.

In fact, this is the highest-ever net profit growth achieved by these 27 PSBs in the last five years. Earlier, they had reported 60 per cent net profit growth in 1997-98 and a 57 per cent in 1999-2000, while in 1998-1999 they had net profit drop of 34.6 per cent.

In actual terms, the bottomline of 27 PSBs stood at Rs 8,305 crore in 2001-2002 as against last year