PNB Q2 net up 12% at Rs 1,205 cr

The country's second-largest public sector lender Punjab National Bank today reported a jump of 12.1% in net profit to Rs 1,205 crore for the quarter ended September 30, 2011.

The lender had posted a net profit of Rs 1,074 crore for the July-September quarter of 2010.

Total income of the bank rose to Rs 9,840.87 crore during the second quarter from Rs 7,173 crore in the same period last fiscal, PNB said in a filing to the BSE.

During the first six months of the current fiscal, the net profit of the bank rose by 7.81% to Rs 2,310 crore from Rs 2,142 crore in the corresponding half of the 2010-11 financial year, it said.

The bank's total income rose to Rs 19,239 crore during the first half of FY2011-12 from Rs 14,037 crore in April-September, 2011, it added.

While the bank's gross non-performing assets (NPA) as a percentage of total advances rose to 2.05% from 1.9% in the same quarter a year ago, its net NPAs rose to 0.84% of total loans from 0.69% in the year-ago period.

Shares of PNB were up 1.48% at Rs 991 in late afternoon trade on the BSE.