The Punjab National Bank, or PNB, an Indian commercial bank, announced financial results for the fourth quarter, reporting a lower net profit, despite increase in net interest income.
Stand-alone Results
The New Delhi-based bank posted a fourth quarter net profit of Rs.1,130.80 crore or Rs.32.91 per share, whereas it reported Rs.1,424.06 crore or Rs.44.78 per share in the corresponding quarter of the preceding year. Net profit and earnings per share fell by 21 and 27 percent respectively.
Net profit from Core Operations (excluding treasury trading profit and depreciation on investments) stood at Rs.1,059 crore for the quarter, marginally lower than the Rs.1,063 crore in Q4FY12, the bank said.
During the quarter, its net interest income rose by 14 percent to Rs.3,778.67 crore from Rs.3,309.94 crore for the same period last year, while non-interest income for the quarter declined by eight percent to Rs.1,174.04 crore from the Rs.1,275.99 crore in the year-ago quarter.
PNB's total income for the quarter rose by five percent to Rs.11,552.84 crore from the Rs.10,964.50 crore during Q4FY112
Operating profit before provisions and contingencies for the quarter amounted to Rs.2,851.71 crore, compared with Rs.2,936.16 crore in the prior-year quarter, registering a three percent drop.
For the twelve months, PNB's stand-alone net profit totaled Rs.4,747.67 crore, down by three percent from the Rs.4,884.20 crore in the corresponding period in 2012. For the twelve-month period, its net interest income increased by 11 percent to Rs.14,856.51 crore from the Rs.13,414.43 crore for the same period last year. Non-interest income stood at Rs.4,215.92 crore, flat from last year's Rs.4,202.61 crore.
For the twelve-month period, the total income amounted to Rs.46,109.25 crore, up by 13 percent from the Rs.40,678.74 crore for the comparable period in 2012.
On a stand-alone basis, the bank's total deposits at the end of March this year increased by three percent to Rs.391,560 crore from the Rs.379,588 crore as on March 31 last year, while gross advances rose by five percent to Rs.308,725 crore from the Rs.293,775 crore as at the end of March 2012.
Consolidated Results
For the fiscal year, PNB's consolidated net profit amounted to Rs.4,954.21 crore, down by one percent from the Rs.5,025.46 crore last year.
Net interest income for the year grew by 11 percent to Rs.15,275.68 crore from the Rs.13,705.91 crore in 2012, while Non-interest income amounted to Rs.4,302.03 crore, compared with Rs.4,239.51 crore a year-ago, an increase of one percent.
Total income for the full year stood at Rs.47,380.14 crore, compared with Rs.41,734.91 crore last year, registering a growth of 14 percent.
PNB's capital adequacy as at the end of March was 12.72 percent, as per Basel-II.
Gross NPA as a proportion of gross customer assets were 4.27 percent, while net NPA as a proportion of net customer assets stood at 2.35 percent as at the end of March this year.
PNB's total business reached Rs.700,285 crore, compared with Rs.673,363 crore in March 2012, showing a y-o-y growth of four percent.
The bank's Board recommended a dividend of 270 percent or Rs.27 per equity share of Rs.10 each for the fiscal year 2013, to be paid on July 15.
At the BSE, Punjab National Bank shares are currently trading at Rs.786.25, up Rs.37.05 or 4.95 percent on a volume of around 739,000 shares.
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