PNB hikes lending rates by 1%

Thursday, July 31, 2008 at 3:07 am

A day after RBI raised short-term lending rate and mandatory amount to be parked with it, leading public sector lender Punjab National Bank today (July 30) decided to increase prime lending rates by one per cent.

“The board has decided to increase PLR by 100 basis points and deposit rates in between 75-100 basis points following the tight monetary stance of the Reserve Bank,” PNB Chairman and Managing Director K C Chakrabarty said. The new rates would be effective from August 1.

PNB is the first bank to announce a hike in both deposit and lending rates after RBI increased short term lending rate (repo rate) by 50 basis points and mandatory deposit ratio (CRR) by 25 basis points on Tuesday. The banks PLR stands at 13 per cent as of now.

Meanwhile, the bank posted a net profit of Rs 512.40 crore for the quarter ended June 30, 2008, a 20.54 per cent increase from the corresponding period a year-ago. The lender had posted a net profit of Rs 425.07 crore for the quarter ended June 30, 2007. Total income increased to Rs 4,594.62 crore for the quarter ended June 30, from Rs 3,795.12 crore a year ago.

(PTI)

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PNB hikes lending rates by 1%

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