PNB Q2 profit rises 16 percent to Rs.1,074.54 crore

Mumbai, Oct 28 (IANS) Punjab National Bank, the country’s second largest public sector lender, said Thursday its net profit increased 15.92 percent in the second quarter of fiscal 2010-11.

The bank has posted a net profit of Rs.1,074.54 crore for the quarter ended Sep 30, 2010 as compared to Rs.926.96 crore in the corresponding quarter last year, PNB said in a statement.

The company’s total income increased to Rs.7,173.68 crore in the reporting quarter as against Rs.6,075.86 crore recorded in the second quarter of 2009-10.

PNB’s net profit in the first six months of current fiscal increased to Rs.2,142.83 crore from Rs.1,759.01 crore in the first quarter of fiscal 2009-10.

In a separate statement PNB said it has decided to introduce two new slabs of rate of interest for domestic term deposits — 7.50 percent for 555 days and 7.60 percent for 1000 days.

‘These rates would be effective for only two months i.e. from Nov 1, 2010 to Dec 31, 2010 unless revised,’ it said. The peak rate will remain unchanged at 8 percent.

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