|
Sarkaritel.com News and
Features-Corporate News
PNB Q3 net up 26% at Rs 541.46 crore
New Delhi, January 25, 2008
|
Public sector lender Punjab National Bank on Thursday posted a
26% rise in net profit to Rs 541.46 crore for the third
quarter ended December 31 from Rs 429.87 crore a year ago, due
to better management of non-performing asset portfolio.
"Going by the performance, we expect to clock a 20% growth
in net profit for entire fiscal 2007-08," PNB chairman and
Managing Director K C Chakrabarty told agencies on the
sidelines of announcement of its quarterly numbers here. |
Dr. K.C.
Chakrabarty, CMD, PNB alongwith K. Raghuraman and
J.M. Garg, Executive Directors of the bank presenting
financial results for the 3rd Quarter i.e. Dec. 2007 |
The bank expects the current fiscal to end with a net
profit in the range of Rs 1,800-1,900 crore, he said. It had
posted a net profit of Rs 1,540 crore during 2006-07.
In nine months ended December 31, the bank's profit stood at
Rs 1,505 crore, up 15.60 per cent, as against Rs 1,302 crore
in the corresponding period previous year.
However, operating profit of the bank during the quarter
increased by 3.6 per cent only at Rs 991 crore as against Rs
956 crore in the corresponding quarter a year ago.
Net NPAS of the bank declined by Rs 527 crore to stand at Rs
1,339 crore at the end of third quarter. In the nine months,
the bank made a total recovery of Rs 1,800 crore.
Chakrabarty said the bank intends to recover another Rs
400-500 crore in the last quarter of the current fiscal.
PNB expects NPAS to come down to one per cent of the net
advances by the end of march 2008.
Total income of the bank stood at Rs 4,120 crore as against Rs
3,271.36 crore during the corresponding quarter last year, up
by 26 per cent.
Shares of the bank closed up by 2.57 per cent at Rs 610.95 on
the Bombay Stock Exchange.
E-Mail :
newseditor@sarkaritel.com
|
