PNB Q4 profit rise 5.8% to Rs 1,201 cr

Country's second largest public sector lender Punjab National Bank today posted a 5.8% increase in net profit at Rs 1,201 crore for the three months ended March 2011.

The bank had a net profit of Rs 1,135 crore in the same period a year ago, PNB said in a statement.

Total income rose 31.2% to Rs 8,586 crore in the latest quarter compared to Rs 6,460.7 crore in the same period last year.

For the full year ended March, the lender reported a net profit of Rs 4,433 crore, representing an increase of 13.5%, as against Rs 3,905 crore in the 2009-10 fiscal.

During the same period, total income jumped to Rs 30,599 crore from Rs 24,834 crore in the corresponding period.

In a filing to the Bombay Stock Exchange, PNB said it has increased the base rate to 10% from 9.5% and Benchmark Prime Lending Rate (BPLR) to 13.5% from 13%. These changes would be effective from May 5.

Base rate is the rate below which banks cannot lend to customers.