Kerala - Kozhikode   

PNB net profit up by 20.6 per cent

Kozhikode: The Punjab National Bank (PNB) posted a 5.3 per cent increase in operating profit without revision of interest rates in the first quarter of the current financial year, according to a press note issued by the bank’s zonal office in Kozhikode. The operating profit increased from Rs.933.12 crore to Rs.982.43 crore compared to the corresponding period last year.

Net profit of the bank registered a growth of 20.6 per cent, to Rs.512.40 crore from Rs 425.06 crore, during the first quarter of financial year 2008-09.

The press note quoted PNB Chairman and Managing Director K.C. Chakrabarty as saying that the bank would strengthen its presence abroad. It has received RBI approval for upgrading its Shanghai office to a full-fledged branch, for a branch in UAE, for opening a representative office in Norway and for extending its services to Singapore and Vancouver. PNBs total business increased by 20.7 per cent to reach Rs 2,87,504 crore at the end of June -2008, compared to Rs.2,38,249 crore last year.

Deposits at the end of June this year stood at Rs.1,73,074 crore which indicated a 21.4 per cent growth. Advances also increased even after writing off more than Rs.1,100 crore of agriculture debt under agriculture debt waiver and debt relief scheme of Central government. Education loan also grew by 62 per cent, the release said

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