Despite its net profit taking a
hit, Punjab National Bank has announced a 100% dividend, meaning every
shareholder will get 10 for each share he holds. On the financial front, higher
provisioning saw the bank’s net profit decline by over 42% for the three-month
period that ended on December 31, 2013. However, the bank’s management claimed
that the worst is over and the current fiscal year will end with better
earnings. The bank recorded a net profit of 755 Cr during the three-month period
ended December 2013 as against 1,306 Cr in the corresponding period last year.
Announcing the results here, its Chairman K.V. Kamath said that the bank is back
on the growth path and “it will end the current fiscal at par with the
industry.” Indeed, some positive signs emerged in the third quarter as fresh
accretion in bad loans came down to 1,500 Cr from over 3,000 Cr during previous
quarters. At the same time, the net interest margin went up to 3.57% during the
quarter from 3.47% in the corresponding period of 2012-13.
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