PNB net down 20% to Rs 1,131 cr

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. HT reports.

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.

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.