PNB achieves Rs 505-cr quarterly net
9 Nov 2013 7:53 PM GMT
‘The provision made during the quarter is Rs 2,029 crore as against Rs 1,467 crore last year, an increase of 38.31 per cent,’ said PNB Chairman and Managing Director K R Kamath.
The bank’s net profit would have been even better had there not been depreciation on investment of Rs 443.10 crore against a gain of Rs 14 crore and Rs 434 provision towards standard advances including standard restructuring against Rs 4 crore writeback in the same period of the previous fiscal. PNB’s total income increased to Rs 11,632.84 crore for the quarter ended September 30, 2013, from Rs 11,335.17 crore in the same quarter of the last fiscal.
Elaborating on the second quarter financial results, Kamath said that as the consolidation phase is complete for the bank, the next two quarters would be better compared to the second quarter. The bank had earned a net profit of Rs 4,747.67 crore in 2012-13 as against Rs 4,884.20 crore in the previous fiscal.
Kamath further said that the government has decided to infuse Rs 500 crore in the current fiscal which would raise capital adequacy ratio (CAR) of the bank from the current level of 11.62 per cent to 11.77 per cent. With ploughing back of the first half profit, the CAR could go up to Rs 12.31 per cent.
Raises FD rates by up to 50 bps
New Delhi: PNB has hiked interest rates on select maturities by up to 0.50 per cent effective from November 11. Fixed deposits for less than Rs 1 crore (271 days to less than a year) would yield rates of 8 per cent, up from 7.5 per cent. Term deposits in the maturity bucket of 91-179 days would attract a rate of 7 per cent, up from 6.75 per cent.
The bank’s net profit would have been even better had there not been depreciation on investment of Rs 443.10 crore against a gain of Rs 14 crore and Rs 434 provision towards standard advances including standard restructuring against Rs 4 crore writeback in the same period of the previous fiscal. PNB’s total income increased to Rs 11,632.84 crore for the quarter ended September 30, 2013, from Rs 11,335.17 crore in the same quarter of the last fiscal.
Elaborating on the second quarter financial results, Kamath said that as the consolidation phase is complete for the bank, the next two quarters would be better compared to the second quarter. The bank had earned a net profit of Rs 4,747.67 crore in 2012-13 as against Rs 4,884.20 crore in the previous fiscal.
Kamath further said that the government has decided to infuse Rs 500 crore in the current fiscal which would raise capital adequacy ratio (CAR) of the bank from the current level of 11.62 per cent to 11.77 per cent. With ploughing back of the first half profit, the CAR could go up to Rs 12.31 per cent.
Raises FD rates by up to 50 bps
New Delhi: PNB has hiked interest rates on select maturities by up to 0.50 per cent effective from November 11. Fixed deposits for less than Rs 1 crore (271 days to less than a year) would yield rates of 8 per cent, up from 7.5 per cent. Term deposits in the maturity bucket of 91-179 days would attract a rate of 7 per cent, up from 6.75 per cent.
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