PNB Nine-month Net Up 47% To Rs 602 Cr

New Delhi, January 27: | Updated: Jan 28 2003, 05:30am hrs
Punjab National Bank (PNB) has posted a net profit of Rs 601.66 crore for the nine-month period ended December 2002an increase of 46.6 per cent over its net profit of Rs 410.28 crore in the corresponding period of last year.

The unaudited results of the bank showed that the net profit for the quarter ended December 2002 rose 133 per cent to touch Rs 189.25 crore, against Rs 81.19 crore in the same quarter of 2001-02.

Chairman and managing director S S Kohli stated in a press release that the bank achieved this level of net profit after providing Rs 1,036.82 crore towards loan losses, depreciation on investment and fixed assets, standard advances, income tax, wealth tax, gratuity, pension, bonus etc. The corresponding figure was Rs 759.85 crore in the last year. During the quarter ended December 2002, the bank has made a total provision of Rs 362 crore compared to Rs 281 crore in the corresponding quarter of last year.

The banks operating profit grew 40 per cent during April-December 2002 to Rs 1,638.48 crore. The third-quarter operating profit rose to Rs 550.81 crore, up 52.1 per cent.

The bank had come out with its initial public offer (IPO) in March 2002 and the scrip was listed on major stock exchanges in April 2002. Earning per share stood at Rs 23 as on December 31, 2002. During the third quarter alone, the EPS was Rs 7.13.

The capital adequacy ratio was 12.15 per cent at the end of September 2002, well above the minimum prescribed ratio of 9 per cent.

The total income increased 12.6 per cent to Rs 6,417 crore, and interest income was up 11.8 per cent at Rs 5,519 crore. Non-interest income increased to Rs 898.04 crore.