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HindustanTimes Mon,21 Apr 2014

PNB net down 20% to Rs. 1,131 cr

HT Correspondent, Hindustan Times  New Delhi, May 09, 2013
First Published: 12:31 IST(9/5/2013) | Last Updated: 21:48 IST(9/5/2013)

Punjab National Bank (PNB) on Thursday reported 20.5% year-on-year decline in its net profit for the January-March quarter to R1,131 crore from Rs. 1,424 crore registered in the corresponding period of the previous fiscal, due to higher provisioning on account of bad loans.

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For the fiscal 2012-13, the bank's net profit dropped by 2.8% to Rs. 4,748 crore for the fiscal 2012-13.

"Reduction in the net profit is on account of increase in the provision what we made from Rs. 5,730 crore to Rs. 6,161 crore (in 2012-13), KR Kamath, chairman and managing director said.

Shares of PNB rose by 4.57% to end at Rs. 783.45 apiece on the BSE on Thursday.

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