PNB Q3 net spurts 21%

New Delhi, Jan 28 | Updated: Jan 29 2005, 06:18am hrs
Punjab National Bank (PNB) has registered a 21% increase in its net profit at Rs 314.3 crore during the third quarter of the current fiscal as compared to Rs 259.8 crore during the corresponding period in 2003-04.

The banks total income stood at Rs 2,380.1 crore during the September to December quarter of the current fiscal as against Rs 2,362.3 crore during the same period in the previous fiscal.

During this quarter, the bank has made a total provision of Rs 230 crore compared to Rs 452 crore in the corresponding quarter in 2003-04.

The bank has also announced payment of interim dividend of 30%.

Chairman SS Kohli said the bank has appointed six merchant bankers to manage its second public offer of eight crore equity shares for raising about to Rs 3,000 crore by the current fiscal.

We have have appointed six merchant bankers to manage the public offer, including Kotak Securities, DSP Merrill Lynch, JM Morgan Stanley, Enam Financial Services and I-Sec, he said. At present, the bank is waiting for Sebis approval for the issue. The public offer would bring down the governments holding to 57% from 80%.

Meanwhile, PNBs net profit during the April to December period in 2004-05 stood at Rs 1,049.5 crore as against Rs 811.3 crore during the corresponding period of the previous fiscal.

The banks total income stood at Rs 7,573.5 crore during the nine month period of 2004-05 while the figure was Rs 7,228.3 crore during the corresponding period in 2003-04.