Punjab National Bank’s quarterly net profit jumps 8 percent

MUMBAI - State-run Punjab National Bank (PNB) Friday reported an 8 percent increase in its net profit for the third quarter, which stood at Rs.1,089.77 crore as against Rs. 1,011.31 crore in the like period of fiscal 2009-10.

The bank’s total income increased by 27.89 percent to Rs. 7,976.35 crore crore in the third quarter of fiscal 2010-11 from Rs. 6,236.55 crore in the corresponding quarter a year ago, a bank statement said.

Segment-wise, the bank reported an earning of Rs.1,637.63 crore in the treasury segment in the third quarter against Rs.1,479.70 crore in the like period of the last fiscal.

Corporate and wholesale banking segments also reported good growth with revenues reaching Rs.3,225.69 crore in the quarter from Rs.2,520.86 crore in the third quarter of the last fiscal.

The retail-banking segment reported earnings of Rs.2,896.05 crore in the third quarter from Rs.2,078.52 crore in the corresponding period of fiscal 2009-10.

The bank’s gross non-performing assets increased to 2.03 percent from 1.83 percent in the quarter ended Dec 31, 2009, according to the statement.

Meanwhile, the state-run lender’s provisions also increased to Rs. Rs.7,13.89 crore from Rs.281.88 crore in the third quarter of the last fiscal year.

The bank’s net profit in the first nine months of the current fiscal showed a rise of 16.68 percent and stood at Rs. Rs.3,232.60 crore from Rs.2,770.32 crore during the like period of 2009-10.

PNB’s scrip was trading 0.27 percent up at Rs.1,138.60 in the afternoon trade at the Bombay Stock Exchange (BSE).