HIGH INTEREST INCOME BOOSTS PNB NET 31%

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;}                                                      The country’s secondlargest state-owned lender ,Punjab National Bank (PNB), on Thursday reported a 31.1% growth in net profitat Rs 927 crore in the second quarter ending September. The growth in profit isfuelled by higher interest and treasury income. PNB said the growth in profit wasafter making provisions for revised wages. Net interest income grew by 22.4%,while net non-performing assets was reduced to 0.14%. The bank has initiated steps to buymajority stake in a bank in Kazakhstan, PNB’s first overseas acquisition. “Theboard today approved acquisition of 63.6% stake in Kazakhstan-based Dana Bank,”PNB’s newly appointed CMD K R Kamath told reporters after announcing the secondquarter numbers. The joint venture would have fivebranches, he said, adding that the bank would now seek necessary regulatoryapprovals for operationalisation of the JV. The deal size is expected to be $24million (about Rs 115 crore). PNB is also looking at setting up a subsidiary inVancouver, Canada and a joint-venture company in Bhutan. Recently, the bankopened branches in Hong Kong and UK. Mr Kamath also said PNB expects tocomplete 26% stake sale in its wholly-owned housingfinance subsidiary by December this year. Steps are also underway to merge PNB Gilts with theparent bank, he said. Courtesy:- ET dt:- 30-10-2009

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• HIGH INTEREST INCOME BOOSTS PNB NET 31%?

  The bank has initiated steps to buy majority stake in a bank in Kazakhstan, PNB’s first overseas acquisition. “The board today approved acquisition of 63.6% stake in...

• HIGH INTEREST INCOME BOOSTS PNB NET 31%?

  The bank has initiated steps to buy majority stake in a bank in Kazakhstan, PNB’s first overseas acquisition. “The board today approved acquisition of 63.6% stake in...

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