PNB net up 37% at Rs 260 crore

Punjab National Bank has reported a 37 per cent increase in net profit during the quarter ended December 2003 to Rs 259.80 crore against Rs 189.25 crore during October-December 2002.

Net profit rose 34.9 per cent to Rs 811.32 crore despite provisions of Rs 1,610 crore towards loan losses, depreciation on investment and taxes, a PNB release said.

The bank's operating profit during the nine month period ended December 2003 was 47.8 per cent higher at Rs 2,421.63 crore, compared to Rs 1,638 crore during April-December 2002.

During October-December 2003, the bank's operating profit was estimated at Rs 711.88 crore compared to Rs 550.81 crore in the corresponding period in 2002, representing an increase of 29.2 per cent.

Total income of the bank increased by 12.6 per cent to Rs 7,228 crore during the first nine-months of the current financial year, of which interest income was estimated at Rs 5,751 crore.

The bank's earning per share (non-annualised) stood at Rs 30.58 at the end of December 2003 compared to Rs 23 at the end of December 31, 2002. Capital adequacy was estimated at Rs 12.57 per cent.