Hit by higher provisioning towards bad loans and depreciation in investment, Punjab National Bank (PNB) on Tuesday reported a modest 5.5 per cent growth in net profit at Rs 1,150 crore for the third quarter ended December 31, 2011.
The bank had posted a net profit of Rs 1,089.77 crore for the October-December quarter of the previous financial year. The reason for the marginal rise in net profit was increase in provision against non-performing assets and depreciation in investment, PNB Chairman and Managing Director K R Kamath told reporters.
However, operating profit of the bank during the quarter rose by 13.9 per cent at Rs 2,676 crore against Rs 2,350 crore in the same quarter in the previous financial year, he said.
