PNB Q4 net up 19% at Rs. 1,424 cr

State-owned Punjab National Bank (PNB) registered a net profit of Rs. 1,424.1 crore for the quarter ended March 31, 2012, a growth of 18.9% over the corresponding period in 2010-11. HT reports.

State-owned Punjab National Bank (PNB) registered a net profit of Rs. 1,424.1 crore for the quarter ended March 31, 2012, a growth of 18.9% over the corresponding period in 2010-11. The bank recorded a net profit of Rs. 1,200.9 crore during the same period in 2010-11.

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Total income has increased to Rs. 10,955.7 crore in the January-March quarter from Rs. 8,585.7 crore during the corresponding quarter of the last fiscal year.

The bank's net profit for financial year 2011-12 stood at Rs. 4,884 crore as compared to Rs. 4,433 crore over the previous fiscal year, a growth of 10.2%.

The total income of the bank during 2011-12 stood at Rs. 40,630.6 crore, a near 30% increase over 2010-11.

However, the gross non-performing assets (NPA) for the bank surged at 2.9% in the fourth quarter compared to 1.8% in the same period in the previous fiscal year.

The cost of the deposit increased to 6.8% in the January to March quarter, the bank said in a statement.

The board of directors of the bank has recommended an annual dividend of Rs. 22 per equity share for financial year 2011-12.