Punjab National Bank : Jan-March Net Rises 19% To INR14.24 Billion
05/09/2012| 03:02am US/Eastern
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India's Punjab National Bank (532461.BY) Wednesday said its bottomline swelled 19% in its fourth quarter, supported by strong growth in interest earned on loans.
In the January-March period, the state-run lender posted a net profit of INR14.24 billion, up from INR12.01 billion a year earlier.
Interest income clocked growth of 30% to INR96.80 billion, the company said in a stock exchange filing.
The pressure on asset quality remained with gross bad loans as a percentage of total advances rising to 2.93% from 1.79% a year earlier.
This led to a sharp 41% jump in the bank's provisions against bad loans and other contingencies to INR10.27 billion.
--By Nupur Acharya, Dow Jones Newswires; +91-22-61456117; nupur.acharya@dowjones.com
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