India Earnings - PNB profit surged by 31.31%

By Abhishek on 9:33 PM

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Punjab National Bank (PNB) : Announced a substantial rise in its standalone net profit for the quarter ended September 2008, beating the analysts forecasts. During the quarter, the profit of the company rose 31.31% to Rs 7,070.90 million from Rs 5,384.80 million in the same quarter, previous year. The analysts at Bloomberg had estimated the profit to be at Rs 5,041 million for quarter ended September 2008.

Interest income for the quarter rose 34.29% to Rs 46,504 million against analysts expectation of Rs 18,878 million, while total income for the quarter rose 35.16% to Rs 53,131.80 million, when compared with the prior year period.

During the quarter, the company reported earnings of Rs 22.43 a share, registering a growth of 31.23% over the prior year period. The analysts had expected the earnings to be at Rs 15.84 a share for quarter ended September 2008

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