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PNB Bank Q1 jumps on treasury gains, loan growth

PNB Bank Q1 jumps on treasury gains, loan growth
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First Published: Wed, Jul 29 2009. 05 07 PM IST
Updated: Wed, Jul 29 2009. 05 07 PM IST
New Delhi: State-run Punjab National Bank’s quarterly profit rose 63%, helped by a sharp rise in treasury income and strong loan growth.
Treasury income, through trade of bonds, surged to Rs3.58 billion from Rs130 million a year ago, while loans grew an annual 38 percent during the April-June quarter.
Profit jumped to Rs8.32 billion from Rs5.12 billion the year ago, while total income rose 34% to Rs61.78 billion.
The bank was targeting profit of Rs37 billion for the full year, executive director Mohan Tanksale said, compared with compared with Rs30.91 billion last year.
He said loans would grow an annual 22% and net interest margins would be at 3.5% for the full year.
Tanksale said a buyer for a 26% stake in its fully-owned unit PNB Housing Finance would complete its due diligence process in 60 days.
PNB had earlier named Dawnay Day as the buyer and said it expected Rs700-770 million from the sale.
Shares in PNB closed 3.45% up at Rs747.55 in a Mumbai market that was down 1.03%.
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First Published: Wed, Jul 29 2009. 05 07 PM IST