Of the 23 PSBs identified during the UPA II rule, all of them were profit making. These facts and figures have been extracted from a national Business daily dated August 30, 2012, a national daily of impeccable credibility and integrity and the following analysis of an independent media leaves no scope for doubt of its genuineness. It may be noted that the highest share price among the PSBs was of India's largest state lender among the PSBs whose current market price on that day was quoted at Rs 1829.5 with an earnings per share (EPS) of Rs 760 and the price to earnings ration (P/E) of 6.93. Next in line was a bank from our northern most state at that time which quoted at Rs 925.65 with an EPS of 180 and P/E of 5.2. None of the 23 PSBs were loss making and the CMP at that time ranged from Rs 1829.5 to Rs 62.5. Also since the P/E ratios were between 3.03 to 7.97, none of the PSB share values were inflated. Also importantly on that day the Sensex was traded at 17,490.81 and thus the figures were quite robust. Also since all the PSBs then were profitable, annual dividends were being paid to the government. It may be stressed also that with more banks then now, the number of employees in these PSBs were greater and thus contributed to high quality employment generation. The situation at present may not be so rosy as loss making PSBs with high NPAs were merged into lesser units that might have been not so robust as far as the total quantum of moneys as net values after the deduction of very high NPAs just a couple of years back.
