PNB Q1 profit rises by 13% at Rs 1,246 crore

Punjab National Bank (PNB) has posted a 12.7 per cent rise in net profit at Rs1,246 crore in the first quarter ended 30 June 2012, led by a growth in interest income, with the public sector bank also exceeding analysts' estimates.

India's second largest bank state-run lender had posted a net profit of Rs1,105 crore during the April -June quarter of the previous fiscal.

Analysts were expecting the bank to post a net profit of about Rs1,280 crore for the quarter under review.

Interest income during the quarter registered a healthy growth of 26.8 percent at Rs10,545 crore against Rs8,315 crore in the first quarter of the previous fiscal.

The bank's gross NPAs rose to 3.34 per cent at the end of three-month period ended 30 June against 2 per cent during the same period of 2011-12.

Its net NPAs increased by 1.68 percent during the period under review from 0.86 percent in the same period of previous year.