PNB Q1 Profit surge ten percent

Posted on July 25, 2014 by sagarmedia

Punjab National Bank, first quarter net profit of Rs.1,405.15 crore, whereas it reported Rs.1,275.32 crore last year,  surge by ten  percent respectively. During the quarter, its net interest income rose by 12 percent to Rs.4,379.70 crore from Rs.3,907.51 crore for the same period last year, while non-interest income for the quarter fell by eight percent to Rs.1,236.44 crore from Rs.1,342.05 crore in the year-ago quarter.

PNB’s total income for the quarter rose by nine percent to Rs.12,825.13 crore from Rs.11,746.59. crore,

Income from ‘Domestic operations’ was up by eight percent to Rs.12,499.46 crore from last year, that of ‘International’ totaled Rs.325.67 crore, up by 48 percent over a year-ago. Operating profit before provisions and contingencies for the quarter amounted to Rs.3125.30 crore, compared with Rs.2,973.80 crore in the prior-year quarter, registering a five percent growth.

Provision and contingencies during the quarter dropped by 13 percent at Rs.927.61 crore, compared with Rs.1,066.48 crore a year-ago.

PNB  total deposits at the end of June this year increased by 12 percent to Rs.444,920 crore from Rs.396,828 crore as on June 30 last year, while gross advances rose by 14 percent to Rs.347,485 crore from Rs.305,179 as at the end of June 2013.

Capital Adequacy Ratio (as per BASEL-III Capital regulations) as on June 30, 2014 was 11.52 percent, compared to 11.79 percent as at the end of June 31, 2013.

Gross NPA as a proportion of gross customer assets were 5.48 percent, while net NPA as a proportion of net customer assets stood at 3.02 percent as at the end of June this year