PNB net up 18.5% at Rs 1,424 crore

Punjab National Bank posted a net profit of Rs 1,424 crore for the quarter ended March 31,2012,a growth of 18.5 per cent compared with January-March quarter of the previous fiscal

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Punjab National Bank (PNB) posted a net profit of Rs 1,424 crore for the quarter ended March 31,2012,a growth of 18.5 per cent compared with January-March quarter of the previous fiscal. However,non-performing assets (NPA) increased to 2.93 per cent of the total loan book in the January-March quarter against 2.42 per cent in the last quarter.

Gross NPAs for the financial year 2012 stood at Rs 8,719.6 crore against Rs 4,379.3 crore of FY11. Banks gross NPAs for Q3 FY12 stood at Rs 6,441.7 crore.

Asset quality is direct reflection of economy. Unless there are positive signals coming in the economy,stress is likely to continue in the banking industry, said KR Kamath,chairman and managing director,PNB.

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Total income in Q4 FY12 increased from Rs 8,585.6 crore to Rs 10,955.7 crore in the similar period. The net profit of the bank for FY12 amounted to Rs 4,994 crore as compared to Rs 4,433 crore previous year recording a growth of 10.2 per cent.

Operating profit for the Q4 FY12 stood at Rs 2,936 crore against Rs 2,508 crore in Q4 FY11. The retail loans outstanding grew by 23.6 per cent year-on-year to cross Rs 29,000 crore at the end of Q4 FY12 as against Rs 23,621 crore in the corresponding period in FY11.

The capital-adequacy ratio (CAR) as per the Basel I norms declined to 11.59 per cent for FY12 against 11.76 per cent for FY11.