Business Daily from THE HINDU group of publications
Tuesday, Oct 30, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Oct 30, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Non-Performing Assets Corporate Results - Public Sector Banks Web Extras - Outlook
Our Bureau New Delhi, Oct. 29 Higher pressure on margins notwithstanding, Punjab National Bank (PNB) has reported a 6.63 per cent increase in net profit for the quarter ended September 30, 2007 at Rs 538.48 crore as compared to net profit of Rs 504.99 crore recorded in the same period last year. Total income of the bank for the period under review increased 28.49 per cent to Rs 3,930.89 crore (Rs 3,059.19 crore). Operating profit has declined 4.97 per cent to Rs 854.98 crore (Rs 899.67 crore). “The bank’s financial performance would be much better by March this fiscal. We are looking at NPA management and recovery very closely. NPAs should not further go up and my forecast is it will not go up”, Mr K.C.Chakrabarty, Chairman & Managing Director of the bank told reporters after a meeting of the board of directors here today. Gross NPA as on September 30, 2007 stood at Rs 4,715 crore as compared to Rs 3,391 crore as on March 31,2007. PNB Executive Director, Mr K Raghuraman, said that higher cost of deposits have impacted operating profit for the period under review. PNB’s CASA deposits (current account and savings account) declined from 48 per cent to 43.9 per cent. Meanwhile, Mr Chakrabarty made it clear that PNB has no imeediate plans to tap the capital market. He however indicated that the bank may go in for raising debt under Tier-II capital. He also announced that PNB’s Hong Kong Branch is likely to be operational in the month of November 2007. PNB is in the process of upgrading its representative office at Shanghai into a branch and establish presence at Singapore. (OBU) and Canada (Subsidiary). The bank is also exploring possibilities for its presence in Bhutan through joint venture route. PNB posts 20-pc rise in PAT; deposit costs down PNB to focus on ‘NPA administration’ PNB net up 15.7% despite dip in net interest margin More Stories on : Non-Performing Assets | Public Sector Banks | Outlook | Punjab National Bank
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