PNB net up 62% on cost control | india | Hindustan Times
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PNB net up 62% on cost control

india Updated: Jul 29, 2009 22:16 IST
HT Correspondent

Delhi-based Punjab National Bank has registered a 62.4 per cent rise in net profit at Rs 832 crore in the April-June quarter of the current fiscal, compared with Rs 512 crore in the corresponding period of the previous fiscal. The increase in net profit is primarily due to various cost control measures, better administration and effective asset-liability management.

The bank has already made a provision of Rs 150 crore towards wage revision.

The bank’s net interest income (NII) surged 28.9 per cent to Rs 1,862 crore during the said quarter against Rs 1,445 crore in the same quarter last year.

According to MV Tanksale, executive director, PNB, the banks posted the surge in profits despite “challenging market conditions”.

Total income stood at Rs 6,178 crore during the April-June quarter, compared with Rs 4,595 crore in the corresponding period a year-ago.

The bank’s advances for the fiscal year were likely to grow at 22.0 per cent, while net interest margins (NIM) could be at 3.5 per cent, Tanksale said.
The capital adequacy ratio of the bank was 14.5 per cent against 13.0 per cent at the end of June 2008.