PNB Q2 net up 31% at Rs 707.09 cr,slashes BPLR by 50bps to 13.5%

New Delhi, Oct 31 (UNI) Punjab National Bank, the country's second largest public sector lender, today said its net profit increased 31.31 per cent to Rs 707.09 crore for the second quarter ended September 30, compared to Rs 538.48 crore during the corresponding period last year.

Its total income also surged 35.16 per cent to Rs 5,313.18 crore in Q2FY09 from Rs 3,930.89 crore in Q2FY08, PNB Chairman and Managing Director K C Chakrabarty told reporters here.

Meanwhile, he also apprised that the Bank will reduce the Benchmark Prime Lending Rate (BPLR) by 50 basis points (bps) to 13.50 per cent from 14 per cent, with effect from tomorrow.

''The revised BPLR will be applicable in respect of all existing and new borrowers,'' he added.

The peak deposits rates will also be slashed by 50 bps to 10 per cent from 10.5 per cent, with effect from December 1.

UNI SG MP BD1714