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PNB net profit up
KOZHIKODE: The net profit of Punjab National Bank has risen by 34.9 per cent to Rs. 811.32 crores during the nine months ended December 31, 2003 from Rs. 601.66 crores in the corresponding period in the previous year.
The net profit was achieved after making the necessary provisions of Rs. 1, 610 crores towards loan losses, depreciation on investment, standard advances, income tax and wealth tax as compared to Rs. 1,037 crores. The capital adequacy of the bank stood at 12.57 per cent against the minimum prescribed ratio of 9 per cent. Operating expenses increased by 16.1 per cent during this period mainly on account of depreciation costs on computerisation and higher provisions towards pension, and gratuity. Unamortised goodwill arising out of amalgamation of Nedungadi Bank amounting to Rs. 37.33 crores has been written off.
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