PNB posts 28% rise in its net profit in first quarter

PNBIndia's leading public sector lender Punjab National Bank (PNB) has reported that there has been a significant net profit rise in the first quarter of the current fiscal year. The bank has announced its first quarter financial results for 2010-11.

According to the company, it has registered a net profit of Rs 1,068 crore during the April-June quarter of fiscal year 2010-11.

For the same quarter in the previous year, the net profit of PNB was reported to be Rs 832 crore. Hence there has been a net profit rise of 28% in the quarter under review.

PNB has said this to the Bombay Stock Exchange in a filing. The total income of the bank has also produced a remarkable growth in the quarter.

The total income of the company has touched Rs 6,863 crore for the quarter that ended in 30th June, 2010.

It was Rs 6,177 crore for the corresponding quarter in the preceding year. The total income of the bank has gone up by 11% in this Q1 against last year's June quarter.