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PNB Q4 Profit Grows Rises By 19%

The Punjab National Bank, or PNB, an Indian commercial bank, announced financial results for the fourth-quarter, reporting a higher net profit on increased net-interest income and non-interest income.

Stand-alone Results

The New Delhi-based bank posted a fourth-quarter net profit of Rs.1,424.06 or Rs.44.78 per share, higher by 19 percent than the Rs.1,200.90 crore or Rs.38.08 per share in the corresponding quarter of the preceding year.

During the quarter, its net interest income rose by nine percent to Rs.3,309.95 crore from Rs.3,029.01 crore for the same period last year, while non-interest income increased by 11 percent to Rs.1,275.98 crore from the Rs.1,145.36 crore in the year-ago quarter.

The bank's total income for the quarter rose by 27 percent to Rs.10,955.73 crore from the Rs.8,585.65 crore during Q4FY11.

Operating profit before provisions and contingencies for the quarter amounted to Rs.2,936.16 crore, compared with Rs.2,507.53 crore in the prior-year quarter, registering a 17 percent growth.

For the twelve months, PNB's stand-alone net profit totaled Rs.4,884.20 crore, up by ten percent from the Rs.4,433.50 crore in the corresponding period in 2011.

For the twelve-month period, its net interest income rose by 14 percent to Rs.13,414.34 crore from the Rs.11,807.34 crore for the same period last year. Non-interest income stood at Rs.4,202.60 crore, compared with Rs.3,612.58 crore for the Apr-Mar period in 2011, an increase of 16 percent.

For the twelve-month period, the total income amounted to Rs.40,630.63 crore, up by 33 percent from the Rs.30,599.06 crore for the comparable period in 2011.

On a stand-alone basis, the bank's total deposits at the end of March this year increased by 21 percent to Rs.379,588 crore from the Rs.312,899 crore as on March 31 last year, while gross advances rose by 21 percent to Rs.293,775 the Rs.242,107 crore as at the end of March last year.

Consolidated Results

For the fiscal year, the bank's consolidated net profit amounted to Rs.5,025.46 crore, up by ten percent from the Rs.4,574.73 last year.

Net interest income for the year grew by 14 percent to Rs.13,705.91 crore from the Rs.12,044.56 crore in 2011, while non-interest income amounted to Rs.4,239.51 crore, up by 16 percent from the Rs.3,655.36 crore a year-ago.

Total income for the full year stood at Rs.41,686.82 crore, compared with Rs.31,206.60 crore last year, registering a growth of 34 percent.

Capital adequacy of the bank as at the end of March this year as per Basel-II was 11.59 percent, compared with 11.76 percent as on March last year.

As at the end of March, gross non-performance assets as a proportion of gross customer assets were 2.92 percent, while net non-performance assets as a proportion of net customer assets stood at 1.52 percent.

The bank's board recommended a dividend of 220 percent or Rs.22.00 per equity shares of Rs.10 each for the fiscal year 2012.

At the BSE, Punjab National Bank shares are currently trading at Rs.761.50, down 2.83 percent from the previous close.

by RTTNews Staff Writer

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