PNB Q3 net rises 14% to Rs 1,306 cr; cuts lending rate by 0.25%

PNB Q3 net rises 14% to Rs 1,306 cr; cuts lending rate by 0.25% Mumbai: Punjab National Bank on Thursday reported a 13.53 percent rise in net profit during the third quarter ended December 31, 2012 at Rs 1,305.62 crore.

The public sector bank had reported a net profit of Rs 1,150 crore in the same period of 2011, PNB said in a filing to the BSE.

The bank has also decided to decrease the base rate (or minimum lending rate) by 0.25 percent from 10.50 percent to 10.25 percent with effect from February 9, 2013, the bank said in a filing to the Bombay Stock Exchange (BSE).

Total Income of the bank rose to Rs 11,518.95 crore in the October-December quarter ended 2012 from Rs 10435.12 crore over the same quarter of previous year, it said.

The gross non performing assets (NPAs) were at Rs 13,997.82 crore compared to Rs 6,442 crore in the year ago quarter, but was lower than Rs 14,024 crore in the September-ended quarter.

Provisions were at Rs 801.59 crore, compared to Rs 946 crore last year, and lower than Rs 1,074 crore in the preceding quarter.

Shares of the bank were trading at Rs 891.60, up 6.87 percent from its previous close on the BSE in the afternoon trade.

PTI