PNB Net Profit Up 21.3% In 2001-02

New Delhi, May 30: | Updated: May 31 2002, 05:30am hrs
Punjab National Bank (PNB) on Thursday reported a 21.3 per cent increase in its net profit to Rs 562.39 crore in 2001-02 as compared to Rs 463.64 crore profits in the previous fiscal.

While the banks capital and reserves at the end of March 2002 increased to Rs 3216 crore compared to Rs 2669 crore last year, its capital to risk asset ratio (CRAR) was higher at 10.70 per cent on March 31, 2002 as against 10.24 per cent a year ago, a bank news release said here.

PNB chairman and managing director SS Kohli said the bank raised Rs 164.49 crore through an Initial Public Offering (IPO).

Total business of PNB stood at Rs 98492 crore at the end of March 2002 as compared to Rs 84160 crore at the end of March 2001, registering a growth of 17 per cent. Total deposits of the bank at the end of March 2002 amounted to Rs 64123 crore as compared to Rs 56131 crore in March 2001 showing an increase of 14.2 per cent.

Current deposits showed a growth of 7.1 per cent and saving deposits of the bank showed a growth of 16.9 per cent over the previous year.

Advances increased 22.6 per cent to Rs 34369 crore with priority sector advances at Rs 15179 crore forming 45.5 per cent of the net credit in March 2002.

During the year 2001-02, the bank issued 3.98 lakh cards under Kisan Credit Card scheme, Mr Kohli added.