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Source: media reports

PNB posts 26% rise in net profit for Q3 FY 08

PNB posts 26% rise in net profit for Q3 FY 08
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First Published: Thu, Jan 24 2008. 05 41 PM IST
Updated: Thu, Jan 24 2008. 05 41 PM IST
New Delhi: State-run Punjab National Bank posted a 26% increase in net profit, at Rs541.26 c rore, for the third quarter ended 31 December 2007. A statement released by the bank on 24 January attributed the performance to better management of non-performing asset (NPA) portfolio and improved product mix.
Net profit for the nine months ended December 2007 amounted to Rs1,505.01 crore, against Rs1302.37 crore during the same period in December 2006, registering a y-o-y growth of 15.6%.
The operating profit for Q3 rose to Rs991.35 crore from Rs956.65 crore in the corresponding quarter of last year (y-o-y growth of 3.6%).
Total income rose by 26% to Rs4,120 crore, mainly due to a 37% increase in interest income on advances (Rs2,669 crore).
The increase in Q3 operating expenses (Rs96 crore) of the bank was contained at 12.8% despite additional expenditure on post retirement benefits on account of implementation of AS-15.
Inspite of pressure, the bank has been able to maintain its net interest margin at 3.66% during Q3 of FY 08 as compared to 3.49% in the Q2 of FY 08 and 3.85% for the year 2006-07.
Return on assets (RoA) stood at 1.21% for the quarter ending December 2007, as compared to 1.14% at the end of December 2006.
Total business during the quarter grew 16.6% year-on-year at Rs2,54,156 crore , while deposits rose 17.2% at Rs1,52,622 crore.
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First Published: Thu, Jan 24 2008. 05 41 PM IST