PNB registers record profit of 129% in Q4 FY08

New Delhi, May 15 (UNI) Punjab National Bank (PNB) today reported a record net profit growth of 129 per cent at Rs 543.76 crore in the fourth quarter 2007-08, compared to Rs 237.71 crore during the same period in the previous fiscal.

Addressing a press conference here, PNB CMD K C Chakrabarty said the operating profit during the Q4 FY08 grew Y-o-Y at 39.03 per cent to Rs 1,226.78 crore, compared to Rs 882.36 crore during the same quarter a year ago.

The Net Interest Income (NII) of the second largest Bank grew by 12.74 per cent to Rs 1,517.28 crore from Rs 1,345.86 crore in the same period last year.

The full year net profit for FY08 grew by 33.03 per cent to Rs 2,048.76 crore.

Mr Chakrabarty said the net profit figure was after providing for necessary provisions towards wage revision arrears, income tax and wealth tax arrears, NPAs, standard assets, depreciation, gratuity, pension and leave encashment.

For 2007-08, operating profit of the Bank crossed the Rs 4,000 crore mark to reach Rs 4,006.24 crore, registering a Y-o-Y growth of 10.75 per cent.

Total business of the Bank reached Rs 2,85,959 crore at the end of March 2008, registering a Y-o-Y growth of 20.94 per cent over Rs 2,36,456 crore as at the end of March 2007.

Deposits at the end of March 2008 amounted to Rs 1,66,457 crore, as compared to Rs 1,39,860 crore as at the end of March 2007, registering a growth of 19.02 per cent on Y-o-Y basis.

Advances at the end of March 2008 increased Y-o-Y by 23.71 per cent to Rs 1,19,502 crore, as compared to Rs 96,597 crore at the end of March 2007.

Talking about NPAs, Mr Chakrabarty said during 2007-08 the Bank not only stepped up its follow up and recovery efforts but also contained slippages through effective credit management practices.

As a result of the concerted efforts made the ratio of Gross NPAs to Gross Advances declined to 2.74 per cent from 3.45 per cent last year, while the ratio of net NPAs to net Advances declined to 0.64 per cent (0.76 per cent last year).

As on March 31, 2008, the Gross NPA stood at Rs 3,319.3 cr and the Net NPA at Rs 753.8 crore. NPA coverage ratio stood at 77.3 per cent.

UNI MP/GS SR ND1726