Punjab National Bank Q4 net dips 29 pc at Rs 806 cr

State-run Punjab National Bank (PNB) on Tuesday reported a 28.69 per cent decline in net profit at Rs 806.35 crore for the quarter ended March 31, mainly on account of higher provisioning for bad loans.

The bank had a net profit of Rs 1,130.80 crore in the January-March quarter of 2012-13.

Total income of the bank increased to Rs 12,498.23 crore during the fourth quarter of 2013-14, from Rs 11,552.84 crore in the same period of the previous fiscal.

Provisioning for bad loans rose 45 per cent to Rs 2,139 crore during the quarter, as against Rs 1,478 crore in the same period a year ago.

The gross non-performing assets (NPAs) stood at 5.25 per cent for the quarter under review, up from 4.27 per cent in the year-ago period. The net NPAs stood at 2.85 per cent at the end of the quarter.

Interest income rose to Rs 11,101 crore in the January- March quarter as compared with Rs 10,378 crore in the corresponding period last year.

For the full 2013-14 fiscal, PNB's net profit dropped 29.6 per cent to Rs 3,342.57 crore, as against Rs 4,747.67 crore in the previous year.

Total Income rose to Rs 47,799.96 crore in FY 2013-14, from Rs 46,109.25 crore in the previous financial year.

Interest income for the full fiscal stood at Rs 43,223 crore, up from Rs 41,885 crore in 2012-13.

Shares of PNB were trading at Rs 837.45 apiece, up 0.38 per cent on the BSE.