Punjab National Bank reported a decline of 42 per cent in its net profit to Rs.755 crore for the third quarter ended December 31, 2013, due to higher provisioning for bad loans, against Rs.1,306 crore in the corresponding period of the previous year.
Total provisions, including for income tax, stood at Rs.1,947 crore against Rs.1,376 crore.
Provisions just on account of bad loans have more than doubled to Rs.1,083 crore against Rs.466 crore. Gross NPAs as a percentage to total advances rose to 4.96 per cent from 4.61 per cent. Net NPAs went up to 2.80 per cent from 2.56 per cent. Total income has increased to Rs.11,922 crore from Rs.11,499 crore.
The bank has declared an interim dividend of Rs.10 per share for 2013-14.
The operating profit remained flat at Rs.2,702 crore against Rs.2,682 crore. However, the net interest income improved by 13.1 per cent to Rs.4,221 crore from Rs.3,732 crore. Net interest margin stood at 3.57 per cent.
Union Bank
Union Bank of India reported a 15.4 per cent rise in its net profit at Rs.348.94 crore for the third quarter ended December 31, 2013, against Rs.302.40 crore in the year ago period. Total income has increased to Rs.8,230.17 crore from Rs.6,959.37 crore. Global business grew by 19.4 per cent to Rs.512870 crore from Rs.4,29,352 crore. Domestic deposits increased to Rs.2,80,837 crore from Rs.2,37,465 crore, a growth of 18.26 per cent.
Syndicate Bank
Syndicate Bank reported a 25 per cent lower net profit of Rs.380 crore for the third quarter ended December 31, 2013, as compared to Rs.508 crore in the year ago period. Total income rose to Rs.5,011 crore, 11.6 per cent higher than a year back. Net interest margin was lower at 2.76 per cent against 3.29 per cent.
