Financial Daily from THE HINDU group of publications
Tuesday, May 27, 2003
Financial Daily from THE HINDU group of publications Tuesday, May 27, 2003 |
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Corporate Results
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Public Sector Banks Money & Banking - Public Sector Banks PNB net up 50 pc; to return Rs 130 cr Our Bureau
Mr S. S. Kohli, CMD, Punjab National Bank(left) with T.S. Narayanasami, Executive Director, addressing a press conference in the Capital on Monday.
NEW DELHI, May 26 PUNJAB National Bank (PNB) has declared a net profit of Rs 842.20 crore for the year 2002-03, registering a 49.8-per cent growth over the previous year's Rs 562.39 crore. Operating profit reached Rs 2,317.29 crore (Rs 1,473.80 crore), a growth of 57.23 per cent. Announcing the results here today, the Chairman and Managing Director, PNB, Mr S.S. Kohli, said that the board of the bank decided to pay a dividend of 35 per cent against 30 per cent paid last year. Mr Kohli also said that the bank's board had approved return of capital of Rs 130 crore to the Government. With this, the Government holding would come down to 60 per cent from the present 80 per cent. The total paid-up capital of the bank is Rs 265 crore of which Rs 212 crore is held by the Government and the remaining Rs 53 crore with the public. The total reserves and capital of the bank at the end of March 2003 stood at Rs 4,033 crore, up 25.4 per cent from the previous year's Rs 3,216 crore. Mr Kohli said that the net profit of the bank was achieved after making provisions of Rs 1,475.09 crore towards income tax, wealth tax, non-performing assets (NPAs), gratuity and pensions among other items. He said that trading profits from treasury operations for the year ending March 31, 2003, were Rs 672 crore (Rs 438 crore). "Trading profit was in the region of 25 per cent of the gross profit which is the same percentage as last year," he said. Total business increased by 17.8 per cent to Rs 1,16,044 crore, (Rs 98,492 crore). While total deposits grew by 18.2 per cent from Rs 64,123 crore to Rs 75,813 crore, total advances rose 17 per cent to Rs 40,228 crore from Rs 34,369 crore. Total income during the year rose to Rs 8,735 crore from Rs 7,626 crroe in March 2002, a growth of 14.5 per cent. Total expenses had risen by 4 per cent to Rs 6,418 crore. The capital adequacy ratio (CAR) increased to 12.02 per cent from 10.70 per cent in the previous year. Mr Kohli said that the return of capital would only have a marginal impact of 20 basis points on the CAR. He said that the bank was comfortable in the capital adequacy front since it already held approval to raise an additional Rs 265 crore by way of Tier-II capital. Mr Kohli said that the net NPAs of the bank had come down to 3.86 per cent from 5.32 last year. Gross NPAs were 11.5 per cent. "Our gross NPAs include nearly Rs 500 crore NPAs of Nedungadi Bank which was merged with PNB recently. Excluding that, our gross NPAs would be 10.32 per cent, while our net NPAs would come down to 3.35 per cent," he said. He said that the bank had identified Rs 1,100 crore of securities, which fall under the identified illiquid securities that could be up for buyback in the proposed offer by the Government. He, however, did not want to put a figure on the likely profit that could accrue to the bank in the process.
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