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Our Bureau

New Delhi , Jan. 28

PUNJAB National Bank (PNB) has recorded a net profit of Rs 314.27 crore for the third quarter ended December 31, 2004, a 21 per cent rise over Rs 259.80 crore recorded during the same period in the previous fiscal.

Operating profit stood at Rs 544.50 crore (Rs 711.88 crore). During this quarter, the bank has made lower provisions of Rs 230 crore compared with Rs 452 crore in the corresponding quarter last year.

The bank has decided to pay an interim dividend of 30 per cent.

During the first nine months of the current fiscal, net profit rose by 29.4 per cent to Rs 1,049.49 crore compared with Rs 811.32 crore, on the back of a 12.5 per cent growth in net interest income to Rs 2,935 crore.

Operating profit during the nine months was Rs 2,180.23 crore (Rs 2,421.63 crore).

During the nine-month period, it has made provisions of Rs 1,131 crore towards wage revision, loan losses, depreciation on investment, standard advances, income-tax and wealth tax compared with Rs 1,610 crore last year.

With a network of 4,036 branches, the bank's deposits at the end of December 2004 stood at Rs 95,922 crore compared with Rs 81,889 crore at the end of December 2003, an increase of 17.1 per cent.

Low-cost deposits constituted 44 per cent of total deposits while the cost of deposits reduced to 4.54 per cent from 5.2 per cent.

Advances stood at Rs 51,240 crore (Rs 41,537 crore), registering a growth of 23.4 per cent.

Yield on advances declined to 8.29 per cent from 9.25 per cent.

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