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PNB profit up 11 p.c.

Special Correspondent

To open a branch in Singapore, maintain interest rates

— Photo: Shanker Chakravarty

TO GO PLACES: S. C. Gupta, Chairman and Managing Director, Punjab National Bank (centre) with C. P. Swarnkar, Executive Director (right), and Arun Kaul, General Manager, Finance, during the announcement of first quarter results for 2005-06 at a press conference in New Delhi on Thursday.

NEW DELHI: Punjab National Bank announced that its net profit rose by 11 per cent at Rs. 358.16 crore during first quarter of the current fiscal.

The operating profits dipped by 10 cent to Rs. 644.51 crore due to lower treasury income, PNB Chairman S. C. Gupta said at a press conference on Thursday while releasing the quarterly results.

PNB's business (deposits and advances) grew by 14 per cent to Rs. 1,57,738 crore during the first quarter of 2005-06 compared to Rs. 1,38,528 crore a year ago.

PNB could be among the first Indian banks to open a branch in Singapore after the two countries signed the Comprehensive Economic Cooperation Agreement.

Replying to a question, he ruled out hiking interest rates on loans for housing and other retail sectors. "Status quo (in interest rates) will be maintained in housing and other retail sector loans," he added.

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