Date:16/05/2004 URL: http://www.thehindubusinessline.com/2004/05/16/stories/2004051601300300.htm

Back PNB net rises 32% at Rs 1,109 cr

Our Bureau

Mr S.S. Kohli, CMD, PNB (right), with Mr C.P. Swarnkar, General Manager, addressing a press conference in the Capital on Saturday. - Kamal Narang

New Delhi , May 15

PUNJAB National Bank (PNB) has recorded net profit of Rs 1,108.69 crore for 2003-04, a 31.6 per cent jump over the previous year's net of Rs 842.20 crore. The bank's operating profit rose by 34.7 per cent to Rs 3,120.86 crore from Rs 2,317.29 crore.

The total business of the bank at the end of March 2004 stood at Rs 1,35,141 crore, compared with Rs 1,16,041 crore at the end of the previous fiscal. Total deposits rose by 16 per cent to Rs 87,916 crore while total advances registered a 17.4 per cent growth to Rs 47,225 crore.

Addressing a press conference to announce the results, the Chairman and Managing Director, PNB, Mr S.S. Kohli, said that the bank has targeted over 18.5 per cent growth in business which should reach Rs 1,60,000 crore at the end of the current fiscal. He said that the bank also aims to bring down its net non-performing assets (NPAs) to close to zero per cent in 2004-05 from 0.98 per cent in last fiscal.