PNB's Q4 net up 21% at Rs 361 cr

BS 200 SCORECARD

Punjab National Bank's (PNB) reported a 21 per cent increase in net profit to Rs 360.6 crore for the quarter-ended March 2005 as against Rs 296.6 crore during the fourth quarter of 2003-04.

Total income rose 6 per cent to Rs 2,562 crore. The PNB board recommended a 30 per cent dividend on equity shares with a face value of Rs 10 each, taking the total dividend for 2004-05 to Rs 6 per share.

Net profit for the year ended March 2005 grew 27.2 per cent to Rs 1,410.12 crore as against Rs 1,108.69 crore in 2003-04.

Total income grew 5.1 per cent to Rs 10,136. During 2004-05, PNB's total provisions, including those for bad debts, pension liability, wage revision and taxes, amounted to Rs 1,297 crore, compared with Rs 2,012 crore in the previous year.

Commenting on the 13 per cent dip in operating profit during the year to Rs 2,707.20 crore, PNB chairman and managing director SS Kohli said: "Last year, the bank had a one time income of Rs 293 on account of buyback of government securities. Moreover in 2004-05, we have provided for an additional Rs 208 crore on account of depreciation on government securities."