PNB net up 11%

BS 200 SCORECARD

Punjab National Bank's (PNB) net profit grew by 11 per cent to Rs 358.16 crore during April-June 2005 as against Rs 322.67 crore in the corresponding period last year.

The bank's total income for the quarter-ended June 2005 rose 1.93 per cent to Rs 2,542.79 crore compared to Rs 2,494.57crore during the first quarter last year.

"The first quarter has shown good credit growth with the retail credit growing by 30.3 per cent to Rs 12,204 crore (from Rs 9,369 crore in June 2004 quarter)," said S C Gupta, chairman and managing director, PNB.

The home loan portfolio grew by 26 per cent to about Rs 5,000 crore by June end. The bank's operating profit dipped by 10.93 per cent to Rs 644.51 crore from Rs 714.99 crore in the June 2004 quarter due to lower treasury income.

Giving the composition of the investment portfolio, Gupta, said, "About 35 per cent of our investment portfolio is in 'Held to Maturity' and 65 per cent is in the 'Asset for Sale' category."