PNB Q4 profit rise 5.8% to Rs 1,201 cr

PNB Q4 profit rise 5.8% to Rs 1,201 cr
Punjab National Bank, the second largest public sector lender of the nation, went through a rise of almost 5.8% in its net profit recorded for the first quarter of FY11, which stood around Rs. 1,201 crore.

As informed by the bank, it witnessed a net profit of Rs. 1,135 crore during the first quarter of the previous year.

Likewise, an increase has been foreseen by the bank in its Total income which saw a hike of almost 31.2% from Rs. 6,460.7 crore (during the first quarter of 2010) to Rs. 8,586 crore (during the first quarter of 2011).

Moreover, the net profit of the bank during FY11 ended on 31 March, 2011 was worth Rs. 4,433 crore that is an increase of 13.5%, against the net profit figures recorded by the bank during the end of FY10, which stood at Rs. 3,905 crore. The total income of the bank also got raised from Rs. 24,834 crore (FY10) to Rs. 30,599 crore (FY11).

There are few changes which have been done by the bank and are scheduled to come in effect from May 5.

These changes include the rise in the base rate of the bank from 9.5% to 10% along with an increase in the Benchmark Prime Lending Rate (BPLR) from 13% to 13.5%.

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