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NEW DELHI, Jan. 27

PUNJAB National Bank has recorded a net profit of Rs 601.66 crore for nine months ended December 31, 2002, a 46.6-per cent rise compared to Rs 410.28 crore in the corresponding period last year. The third quarter net profit increased by 133 per cent to reach Rs 189.25 crore (Rs 81.19 crore).

Operating profit during the first nine months of the current fiscal was Rs 1,638.48 crore compared to Rs 1,170.13 crore in the corresponding period last year, a growth of 40 per cent. Operating profit for the third quarter stood at Rs 550.81 crore (Rs 362.24 crore), an increase of 52.1 per cent. During the third quarter, the bank had made total provision of Rs 362 crore (Rs 281 crore). Total income increased from Rs 5,697 crore in April-December 2001 to Rs 6,417 crore, registering a growth of 12.6 per cent. Interest income increased from Rs 4,938 crore to Rs 5,519 crore for the nine months, a growth of 11.8 per cent.

Non-interest income increased from Rs 759 crore to Rs 898.04 crore, registering a growth of 18.4 per cent. Total expenditure increased from Rs 4,527 crore to Rs 4,779 crore. Net credit at the end of December 31, 2002, stood at Rs 37,029 crore compared to Rs 32,306 crore at the end December 2001, up 14.6 per cent. Retail lending increased from Rs 3,845 crore in December 2001 to Rs 5,586 crore in December 2002, registering a growth of 45.3 per cent. Capital adequacy ratio of the bank stood at 12.15 per cent at the end of September 2002.

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