PNB quarterly net profit rises 5.5 percent

Mumbai, Jan 31: State-owned Punjab National Bank Tuesday reported a 5.5 percent increase in net profit at Rs.1,150 crore for the quarter ended Dec 31 as against Rs.1,089.77 crore during the like period of the previous financial year.

Total income stood at Rs.10,435 crore up 30.82 percent during the quarter as compared to Rs.7,976.35 crore in the year ago period, the company said in a regulatory filing.

Segment-wise, income from treasury operations grew 35.38 percent to Rs.2,217 crore while income from corporate and wholesale banking grew 48.44 percent to Rs.4,788.29 crore during the quarter.

The retail-banking segment reported earnings of Rs.3,280.38 crore during the period, up 13.3 percent against Rs.2,896 crore in the corresponding period of 2010-11.

The bank’s gross non-performing assets increased to 2.42 percent from 2.03 percent in the quarter ended Dec 31, 2011.

The bank’s net profit in the first nine months of the current fiscal showed a rise of 7 percent and stood at Rs.3,460 crore from Rs.3,232.6 crore during the like period of 2010-11.

At the Bombay Stock Exchange the shares of the company were 1.84 percent down to trade at Rs.938.30.

IANS