Punjab National Bank's Q4 net profit up 31.13 per cent at Rs1,135 crore
06 May 2010
Public sector lender Punjab National Bank said today reported a 31.13 per cent year-on-year rise in its fiscal fourth quarter net profit to Rs1,135 crore during the year ended 31 March 2010.
Total income surged to Rs6,460.78 crore during the quarter against Rs6,047.94 crore in the same period last year, the lender said in a filing with the Bombay Stock Exchange.
The board of directors has proposed Rs12 per share as dividend or 120 per cent on the face value of Rs10 each.
For the year ended 31 March 2010, the company posted a net profit of Rs3,905.35 crore, up 26.35 per cent for the same period last year.
According to the bank, the results for the quarter under review included a one-time gain of Rs81.45 crore toward profit on sale of stake in its wholly-owned subsidiary, PNB Housing Finance Ltd, as also in associates UTI Asset Management Co Ltd and UTI Trustee Co Pvt Ltd.
During the quarter, the bank's net interest income surged 40 per cent to Rs2,497.95 crore from Rs1,780.53 crore during the same period last year. Non-interest income for the quarter was down 8 per cent to Rs853.15 crore from Rs931.37 crore in the year-ago quarter.
Total income for the quarter rose 7 per cent to Rs6,460.78 crore as against Rs6,047.94 crore in the same quarter last year.
Operating profit before provisions and contingencies for the quarter was up 46 per cent at Rs2,251.01 crore from Rs1,537.95 crore in the prior year quarter.
The bank's capital adequacy at the end of March as per Basel-I was 12.97 per cent as against 12.59 per cent as on 31 March 2009.
Gross non-performing assets as a proportion of gross customer assets at the end of March were 1.71 per cent, up from 1.60 per cent at the end of March last year, even as net non-performing assets as a proportion of net customer assets rose to 0.53 per cent from 0.17 per cent as on 31 March 2009.
