The Hindu Business Line : PNB net rises to Rs 422 cr in Q2

PUNJAB National Bank (PNB) has registered a net profit of Rs 422.04 crore for the second quarter ended September 30, 2005, a 2.3-per cent rise over the net profit of Rs 412.55 crore registered during the year-ago period. Net profit for the half year was Rs 780.20 crore compared with Rs 735.22 crore in the same period last year, a year-on-year growth of 6.1 per cent.

The operating profit for the half-year ended September 2005 stood at Rs 1,328.14 crore. Total provisions for six months ended September 2005 amounted to Rs 548 crore (Rs 728 crore).

Addressing a press conference, the Chairman and Managing Director of PNB, Mr S.C. Gupta, said the bank would pay an interim dividend of 30 per cent.

He said total business stood at Rs 1,73,282 crore at end-September 2005 as compared with Rs 1,46,459 crore during the same period last year, representing a growth of 18.3 per cent.

The bank's deposits on end-September rose 15.7 per cent to Rs 1,09,414 crore compared with Rs 94,589 crore in September 2004. Low-cost deposits continued to be the thrust area and constituted 45.9 per cent of total deposits, Mr Gupta said. Advances stood at Rs 63,868 crore compared with Rs 51,871 crore in the previous year.

The capital adequacy ratio at the end of September 2005 stood at 14.20 per cent (12.58 per cent). Gross NPAs declined to Rs 3,359 crore (Rs 4,155 crore) while net NPAs increased to Rs 201 crore (Rs 149 crore).

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