The country’s second largest public sector lender, Punjab National Bank on Thursday posted over two-fold jump in net profit to Rs 544 crore for the fourth quarter ended March 31 on the back of better recovery and improved margin. The bank had a net profit of Rs 238 crore in the fourth quarter of 2006-07.

The impressive performance was brought about by the bank’s focus on streamlining administration, various cost control measures, better asset liability management and strengthening recovery mechanism, PNB chairman and managing director K C Chakrabarty told reporters here.

The total income of the bank rose to Rs 4,417 crore for the fiscal ended March 31, up by 19 per cent, from Rs 3,713 crore in the year-ago period. PNB proposed a dividend of 130%, at the rate of Rs 13 per share, on every Rs 10 share held, for the year ended March 31, 2008.

For the entire fiscal ended March 31, 2008, the bank posted a net profit of Rs 2,049 crore, a growth of 33% against Rs 1,540 crore in the previous year.

The total income rose by 25% to Rs 16,263 crore for 2007-08, from Rs 12,967 crore a year ago.

Vedanta profit down

Vedanta Resources Plc, India’s largest zinc producer, posted a 15% drop in fiscal second-half profit as prices plunged and predicted more demand this year for the metals it produces. Net income fell to $414 million in the six months ended March 31, from $486.6 million a year earlier. Profit was calculated by subtracting first-half net income from full-year earnings published today in a statement.

Voltas net up 12% for FY08

Air conditioner and engineering services company Voltas Ltd posted a 12% net profit increase for the year ended March 31, 2008 at Rs 208 crore as against Rs 186 crore, on growth in all its three segments. Sales for the fiscal rose 26% at Rs 3,086 crore as compared to Rs 2,451 crore in the previous fiscal.

JK Lakshmi Cement net up

JK Lakshmi Cement announced that the firm recorded 32% jump in gross sales at 1286 crores in 2007-08 as compared to Rs 971 crores in 2006-07. The net profit for the current fiscal stood at Rs 223.67 crore showing a rise of 26%. The company’s earning per share (EPS) during the year went up to Rs 38.72.