Private sector banks showed greater resilience in their core operations and exhibited better control over their bad debt. Profit before tax increased but the new tax regime upset the net profit numbers for the whole sector, as the lenders decided to move to the new regime.
While profit before tax grew 68.1 per cent, net profit for the private sector banks grew only 1.4 per cent because of tax charges and elevated provisioning.
According to analysts, net profit (after clearing the deferred taxes) would be better from the next quarter.
In terms of net interest income (NII.....