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New Delhi Jan. 31 Punjab National Bank (PNB) on Wednesday reported a 16.04 per cent increase in net profit for the quarter ended December 31, 2006 to Rs 429.87 crore as compared to net profit of Rs 370.44 crore in the same quarter the previous year.

Total income for the period under review increased to Rs 3,271 crore, which is a 21.24 per cent increase over the total income of Rs 2,698 crore in the previous quarter last year. The board of directors declared an interim dividend of 40 per cent.

For the nine months ended December 31, 2006, PNB has registered a net profit of Rs 1,302.38 as compared to net profit of Rs 1,150 crore in the same period in the previous year.

The PNB Chairman and Managing Director, Mr S.C. Gupta, said that the Reserve Bank of India's move to stipulate additional provisioning in four specified sectors would marginally impact the net profit of the bank for the fourth quarter.

Meanwhile, PNB is launching a new fixed deposit scheme — PNB Maha Bachat — on February 1.

More Stories on : Public Sector Banks | Financial Performance | Punjab National Bank

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