Punjab National Bank (PNB) today reported a 133 per cent jump in net profit to Rs 189.25 crore during October-December 2002-03 against Rs 81.19 crore in the third quarter of 2001-02. During the nine months ended December 2002, the bank registered a 46.6 per cent increase in net profit at Rs 601.66 crore compared with Rs 410.28 crore in the corresponding period in the previous financial year.
Non-annualised earnings per share shot up from Rs 3.83 at the end of the quarter ended December, 2001 to Rs 7.13 per share during the quarter-ended of December 2002. For the nine months ended December 2002, EPS was pegged at Rs 23 as against Rs 19.33 for the nine months in the previous financial year.
During the nine months ended December 2002, interest income rose 11.76 per cent to Rs 5,519.10 crore against Rs 4,938.34 crore in the corresponding period in the last financial year. During the third quarter of the current financial year, interest income was up 8.8 per cent to Rs 1,831.44 crore as against Rs 1,683.38 crore in the third quarter of 2001-02.
Expenses rose only by Rs 10.27 crore to touch Rs 1,557.57 crore during the third quarter of 2002-03. For the nine months ended December 2002, expenses rose 5.56 per cent to reach Rs 4,778.66 crore against Rs 4,526.93 crore in the corresponding period in the previous financial year.
Operating profit was, however, up 52 per cent to touch Rs 550.81 crore during October-December 2002-03 against Rs 262.24 crore during the third quarter of the previous year. In the first nine months of the current financial year, operating profit rose 40 per cent to Rs 1,638.48 crore compared to Rs 1,170.13 crore in the corresponding period in 2001-02.
