Delhi-based Punjab National Bank (PNB) registered a 26% increase in its net profit at Rs 541.46 crore during the third quarter in the current fiscal. This is primarily due to better management of non-performing asset portfolio.

The bank is expecting a net profit of about Rs 1,800-1,900 crore for the current financial year. PNB?s net profit in 2006-07 stood at Rs 1,540 crore.

In the nine month period of 2007-08, the bank?s profit stood at Rs 1,505 crore, an increase of15.60% as against Rs 1,302 crore in the corresponding period of 2006-07.

The operating profit of the bank during the quarter however, increased by 3.6% at Rs 991 crore as against Rs 956 crore in the corresponding quarter a year ago.

KC Chakrabarty, chairman and managing director, PNB told reporters that the bank recovered about Rs 800 crore of non performing asset in the third quarter of this fiscal.

It is looking to recover another Rs 400-500 crore in the last quarter of the fiscal. The bank has a capital adequacy ratio of over 14%.

The total income of the bank stood at Rs 4,120 crore as against Rs 3,271.36 crore during the corresponding quarter last year, up by 26%. Chakrabarty said that the bank raised Rs 1,300 crore through bonds.

Central Bank of India?s net up

The state-run Central Bank of India?s net profit for the third quarter ending in December, 2007 shot up by around 50% to Rs 201.01 crore as against Rs 134.10 crore recorded during the same period a year ago.

The bank?s total income during the reporting period increased 30.71% to Rs 2,205.40 crore as against Rs 1,687.27 crore recorded in the corresponding period of the previoyus year.

While total deposits increased by 29.46% to Rs 97,063 crore and gross gross advances rose by 27.16% to Rs 58909 crore on year on year basis.. Capital adequacy ratio of the bank increased to 11.63% during the period. Bank’s net NPA during the reporting period has fallen to 1.22 % from 1.81% during the same period a year ago.

SBI Life net up at Rs 37.74 cr

SBI Life Insurance Company on Thursday announced an impressive 101% growth in total premium collections to Rs 2,748.28 crore during the first nine months of FY 2007-2008 and posted a net profit of Rs 37.74 crore for the quarter ended December, 2007.

US Roy, managing director & CEO, SBI Life Insurance said, ?Our capital-efficient business model has helped us to wipe out accumulated losses from our balance sheet?.

While agency contributed to 49% of SBI Life?s total premium collection, bancassurance contributed to 44% through continued leveraging of the robust State Bank Group?s branch network.

The company?s assets under management have crossed Rs 7,300 crore, as on December 2007.