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PNB Q4 net profit up two-fold at Rs. 544 crore

NEW DELHI: Punjab National Bank on Thursday reported a net profit of Rs. 544 crore for the fourth quarter ended March 31, 2008, an over two-fold growth over the year-ago period. It has also proposed a dividend of 130 per cent, at the rate of Rs. 13 per share of Rs. 10 each, for 2007-08.

The increase in net profit during the fourth quarter was attributed to better recovery and improved margin. In Q4 of 2006-07, the bank had a net profit of Rs. 238 crore.

“The impressive performance was brought about by the bank’s focus on streamlining administration, various cost control measures, better asset liability management and strengthening recovery mechanism, PNB Chairman and Managing Director, K. C. Chakrabarty, told reporters here while announcing the results.

Total income rose to Rs. 4,417 crore for the fiscal ended March 31, 2008, up 19 per cent, from Rs. 3,713 crore in the year-ago period.

For the full year, the bank recorded a net profit growth of 33 per cent at Rs. 2,049 crore against Rs. 1,540 crore in the previous year. Total income rose by 25 per cent to Rs. 16,263 crore from Rs. 12,967 crore.

Total business of the bank witnessed an increase of 21 per cent at Rs. 2,85,959 crore at the end of March 31, 2008. Total deposits stood at Rs. 1,39,860 crore, an increase of 19 per cent over last year. Advances grew by 23.7 per cent to Rs. 1,19,502 crore.

The capital adequacy ratio stood at 13.46 per cent at the end of March 2008.

About the foreign operation expansion plans, Mr. Chakrabarty said, the bank was in the process of starting overseas operations in Norway, Dubai, Canada and Singapore.

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