Mumbai, May, 11: Bank of Baroda (BOB), one of the largest public sector bank of country, has left behind Punjab National Bank (PNB) to become the country's second largest public sector lender in terms of annual profit by posting more than Rs 5000 crores as the net profit I FY12.
Mumbai-based PSU lender, BOB's net profit has reached at Rs 5006.96 crore during 2011-12, a rise of 18 % from the previous year. While, PNB net profit rose by 10.2 % to Rs 4,884 crore for the fiscal year ended March, 2012.
M D Mallya, Chairman and Managing Director of BOB, told to reporters last week that “the bank had been able to post sound growth despite economic challenges like industrial slowdown, high inflation and elevated interest rates.”
During the year, BOB's gross NPA rose to 1.53 per cent of total advances in 2011-12 from 1.36 per cent in the previous year.
The net NPA of Punjab National Bank has increased to Rs 4454.23 crore for last quarter of financial year 2012 from Rs 2038.63 crore in same period of last year.
Bangalore-based Canara Bank retained the third slot among the PSBs despite 18 % fall in profit at Rs 3,282.72 crore in FY 12 against Rs 4,025.89 crore in the previous fiscal.
Total Income of the PNB has increased from Rs. 30599.06 crores for the year ended March 31, 2011 to Rs. 40630.63 crores for the year ended March 31, 2012.
In same time, The total Income of BOB has increased from Rs 24695.10 crores for the year ended March 31, 2011 to Rs 33096.0.5 crores for the year ended March 31, 2012. The total income of the lender has improved by 34 %.