Punjab National Bank net profit rises 18.6 per cent

State-owned Punjab National Bank has posted 18.6 per cent increase in net profit at Rs 1,424 crore for the quarter ended March 31, against Rs 1,200.9 crore during the same period of the previous financial year.

Total income stood at Rs 10,955.73 crore during the quarter under review, up 27.6 per cent compared to Rs 8,585.65 crore during the period an year ago, the company said in a regulatory filing.

During the year ended March 31, 2012, the company posted an increase of 10 per cent in net profit at Rs 4,884 crore, compared to Rs 4,433.5 crore during the year ended March 31, 2011.

The total income during the year under review stood at Rs 40,630.63 crore up 32.8 per cent, against Rs 30,599 crore during the period an year ago.

Gross non-performing assets (NPAs) increased at 2.93 per cent in the quarter ended March 31, against 2.42 per cent during the previous quarter and the net non-performing assets rose 1.52 per cent during the quarter under review against 1.11 per cent in the previous quarter.

The bank has also recommended an annual dividend of Rs 22 per equity share of Rs 10 each for the financial year 2011-12.

Shares of the bank were down 2.49 per cent at Rs 764.20 on the Bombay Stock Exchange at 2.32 pm.