Punjab National Bank reports 29% drop in Q4 net profit

Punjab National Bank has reported results for fourth quarter and year ended March 31, 2014. The bank has posted a fall of 28.69% in its net profit at Rs 806.35 crore for the quarter ended March 31, 2014 as compared to Rs 1130.80 crore for the same quarter in the previous year.  However, total income of the bank has increased by 8.18% at Rs 12498.23 crore for quarter under review as compared to Rs 11552.84 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the bank has posted a fall of 29.59% in its net profit at Rs 3342.57 crore as compared to Rs 4747.67 crore in the previous year. However, total income of the bank has increased by 3.67% at Rs 47799.96 crore for year under review as compared to Rs 46109.25 crore for the year ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the bank has posted a fall of 26.99% in its net profit at Rs 3617.03 crore as compared to Rs 4954.21 crore for the same period in the previous year. However, total income of the bank has increased by 4.83% at Rs 49668.44 crore for year under review as compared to Rs 47380.14 crore for the year ended March 31, 2013.