Backed by higher interest income and lower provision for pension, Punjab National Bank (PNB), on Wednesday, reported an 18.58 per cent rise in net profit to Rs.1,424.06 crore for the fourth quarter ended March 31, 2012, from Rs.1,200.9 crore in the year-ago period.
Total income increased by 27.6 per cent to Rs.10,955.73 crore from Rs.8,585.65 crore. Interest income rose by 30.1 per cent to Rs.9,680 crore from Rs.7,440 crore. However, net interest income increased by 9.3 per cent to Rs.3,310 crore from Rs.3,029 crore.
Besides interest income, the bank had to make lower provision for pension in the quarter under review and even paid less taxes, said K. R. Kamath, Chairman and Managing Director.
With regard to provision, the bank has recorded 15.72 per cent jump in total provisions at Rs.1,512.10 crore during the quarter against Rs.1,306 crore in January-March quarter of 2010-11. Of this, provision for non-performing assets (NPAs) went up by 73 per cent to Rs.939 crore.
On an annual basis, the net profit rose by 10.2 per cent to Rs.4,884 crore from Rs.4,433 crore a year ago. Total income rose by 32.8 per cent to Rs.40,631 crore from Rs.30,599 crore.
Net interest income for the entire fiscal improved by 13.6 per cent to Rs.13,414 crore from Rs.11,807 crore a year ago. The board has recommended a dividend of Rs.22 a share for the year ended March 31, 2012.
Total provisions during the year rose by 23.97 per cent to Rs.5,730.09 crore from Rs.4,622.20 crore in the previous fiscal.
Keywords: PNB Q4 results