Financial Daily from THE HINDU group of publications
Friday, Jul 29, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 29, 2005 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks PNB Q1 net rises to Rs 358 crore Our Bureau
Mr S.C. Gupta, Chairman and Managing Director, PNB (centre), with Mr C.P. Swarnkar, Executive Director (right), and Mr Arun Kaul, General Manager, at a press conference in the Capital on Thursday. - Kamal Narang
New Delhi , July 28 PUNJAB National Bank has registered a net profit of Rs 358.16 crore during first quarter of this fiscal, an 11 per cent growth over the net profit of Rs 322.67 crore in the same period last year. The operating profit dipped by 10 per cent to Rs 644.51 crore during the quarter on account of lower treasury income. Addressing a press conference here today, the Chairman and Managing Director of PNB, Mr S.C. Gupta, said that upward pressure on interest rates and fall in bond prices resulted in lower treasury income which stood at Rs 102 crore during the review period against Rs 345 crore in same quarter last year. Total business grew by 14 per cent to Rs 1,57,738 crore (Rs 1,38,528 crore). Deposits rose by 11 per cent to Rs 1,01,303 crore from Rs 91,203 crore, while advances went up by over 19 per cent at Rs 56,435 crore from Rs 47,324 crore. The net interest income rose 16.3 per cent to reach Rs 1,088 crore compared with Rs 936 crore. Mr Gupta said the bank was looking at further expansion of its global branch network. "We have got the Board of Director's approval for setting up branches in Singapore and Hong Kong. We will have to seek the approval of the RBI and the home country regulators," Mr Gupta said.
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