PNB Q3 Net Rises 37%

Mumbai, Jan 30: | Updated: Jan 31 2004, 05:30am hrs
Punjab National Bank (PNB) has posted 37.3 per cent increase in net profit at Rs 259.80 crore for the third quarter of the fiscal ended December 31, 2003, compared to Rs 189.25 crore in the corresponding quarter of the preceding fiscal.

Total income for the bank in the third quarter increased 12 per cent to Rs 2,362.33 crore compared to total income of Rs 2,108.38 crore registered in corresponding period of previous fiscal.

The net profit for the nine months ended December 31, 2003 increased to Rs 811.32 crore, a rise of 34.9 per cent compared to net profit of Rs 601.66 crore in the same period last years.

Total income for the nine months increased was up 12.6 per cent to Rs 7,228 crore as against Rs 6,417 crore in the previous fiscal.

The non-interest income for the nine months increased from Rs 898 crore to Rs 1,477 crore, a rise of 64 per cent.

The bank has made a total provision of Rs 452 crore for the nine months as against Rs 362 crore in the nine months of the previous fiscal.

Net non-performing assets of the bank declined to 2.2 percent that is Rs 884 crore from 3.7 per cent that is Rs. 1,275 crore. Capital adequacy ratio of the bank stood at 12.57 per cent at the end-December 2003.