 "PSB Q4 net up 13%; declares 20% dividend")
New Delhi: Punjab & Sind Bank today reported 13 percent rise in net profit at Rs 147.8 crore for the fourth quarter ended March 2012, driven by fee-based income growth in core business.
The bank had a net profit of Rs 130.2 crore in the corresponding quarter of the previous fiscal.[caption id=“attachment_299715” align=“alignleft” width=“380” caption=“Making profit. Image courtesy PSB”]  [/caption]
Total income of the bank rose by 23 percent to Rs 1,831.56 crore for the fourth quarter ended 31 March 2012, from Rs 1,485.5 crore reported in the same period previous fiscal.
Rise in profit during fourth quarter was largely driven by increase in fee-based income and rise in loans, PSB chairman and managing director DP Singh told reporters in New Delhi.
“The board of the bank proposed a dividend of 20 percent for 2011-12,” he said.
For the entire fiscal ended 31 March 2012, the net profit of the bank declined by 14.2 per cent to Rs 451.28 crore from Rs 526.1 crore recorded in the previous fiscal.
However, total income improved to Rs 6,891.96 crore from from Rs 5,369.5 crore in 2010-11.
The net interest margin (NIM) of the bank declined to 2.41 percent at the end fiscal compared to 2.92 percent at the end of March 2011.
Total business of the bank as on March 31, increased to Rs 1,09,493 crore from Rs 1,02,555 crore at end of 2009-10, registering a growth of 6.76 percent.
As far as asset quality of the bank is concerned, the gross NPAs (Non Performing Assets) as a percentage to total advances rose to 1.65 percent for the entire fiscal, while net NPAs was 1.19 percent at the end of fourth quarter.
Deposits rose by 5.69 percent to Rs 63,124 crore by March-end, while advances jumped 8.26 percent to Rs 46,369 crore.
Singh said the bank expects to clock 23 per cent increase in advances while deposits likely to grow at 20 percent in 2011-12.
The bank intends to open about 300 additional branches and 350 new ATMs during the current fiscal, he added.
PTI
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