Punjab National Bank (PNB) has said that its net profit has risen 18 per cent in the fourth quarter till March 2012 to Rs 1,424 mainly due to increased interest and other incomes.
The net interest income of the bank, which is difference between interest earned and interest paid, rose increased 9.3 per cent to Rs 3,310 crore in the fourth quarter compared to the same quarter of the previous financial year.
The analysts were expecting the bank to record a net profit of Rs 1,334 crore and net interest income of Rs 3,625 crore in the quarter. The higher interest and other incomes of the country's second largest lender in terms of total business helped it post higher than expected figures in the quarter.
The gross non-performing asset (NPA) ratio climbed to 2.93 per cent or Rs 8,720 crore compared to 2.42 per cent in October-December quarter. PNB made provisions of Rs 1,027 crore during the quarter compared to Rs 946 crore in the third quarter of the same year.
During the who financial year till 31 March 2012, the bank's net profit rose 10 per cent to Rs 4,884 crore. PNB's loan book increased by 21 per cent to Rs 2.94 lakh crore. The bank will pay a dividend of Rs 22 a share for the financial year 2011-12.
The shares of the bank fell Rs 21.50 or about three per cent at Rs 762.20 during the afternoon.
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