PNB pays Rs364.48 crore dividend to govt

PNB pays Rs364.48 crore dividend to govt

New Delhi: Punjab National Bank on Thursday paid Rs364.48 crore as dividend to the government for the year 2008-09.

The dividend cheque was presented by the bank executive directors Mohan V Tanksale and Nagesh Pydah to finance minister Pranab Mukherjee.

The bank had declared 200% dividend for 2008-09, translating into Rs20 per share. The government holding in the bank currently stands at 57.8%.

The state-run bank posted a net profit of Rs3,090.9 crore in 2008-09 as against Rs2,048.8 crore in the previous year, recording a growth rate of 50.9%.

The bank also recorded a 62% jump in the net profit at Rs832.04 crore for the quarter ended 30 June, 2009. Operating profit of PNB increased to Rs1,569.34 crore from Rs982.43 crore, up by 59.74%.

The bank’s return on asset was 1.35% as at the end of June, 2009 as compared to one per cent at the end of June, 2008.

The total business of the bank at the end of first quarter of the current fiscal stood at Rs3,76,939.11 crore.