New Delhi: Punjab National Bank on Thursday posted an over twofold jump in net profit to Rs 544 crore for the quarter ended March 31 (Q4), on the back of better recovery and improved margins.

The bank had a net profit of Rs 238 crore in the fourth quarter of 2006-07.

The 129% growth was brought about by the bank’s focus on streamlining administration, various cost control measures, better asset liability management and strengthening recovery mechanism, PNB chairman and managing director K C Chakrabarty told reporters.

The total income of the bank rose to Rs 4,417 crore for the fiscal ended March 31, up by 19%, from Rs 3,713 crore in the year-ago period.

PNB proposed a dividend of 130%, at the rate of Rs 13 per share, on every Rs 10 share held, for the year ended March 31.

For the financial year ended March 31, the bank posted a net profit of Rs 2,049 crore, a growth of 33% against Rs 1,540 crore in the previous year.

Total income rose 25% to Rs 16,263 crore from Rs 12,967 crore a year ago. Total deposits stood at Rs 1,39,860 crore, an increase of 19% over the last year. Advances grew 23.7% to Rs 1,19,502 crore. The capital adequacy ratio of the bank stood at 13.46% at the end of March 2008.

Source : DNA