State-owned Punjab National Bank on Friday said it has infused Rs 72.82 crore in its Bhutan subsidiary Druk PNB Bank Ltd via a rights issue.

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The investment in Rights Issue has been made on July 7, 2023, through participation in the issue of Druk PNB Bank Ltd (DPNBL), PNB said in a regulatory filing. Following the rights issue, PNB retains 51 percent of the subsidiary as of now.

DPNBL was incorporated on December 31, 2008, with FDI participation, it said. The rights issue of DPNBL of Bhutan was at a premium of Rs 7 (face value of Rs 10) -- Rs 17 per share, the filing said.

Punjab National Bank reported a 477 percent rise in net profit at Rs 1,158.6 crore for the March quarter versus Rs 201.6 crore year-on-year. The net interest income (NII) was 30 percent up at Rs 9,498.7 crore versus Rs 7,304.1 crore year-on-year.

The gross non-performing asset (NPA) stood at 8.74 percent versus 9.76 percent quarter-on-quarter. The net NPA for the fourth quarter rose by 2.72 percent versus 3.30 percent quarter-on-quarter.

In numbers, gross NPA came in at Rs 77,327.7 crore versus Rs 83,583.9 crore quarter-on-quarter and net NPA stood at Rs 22,585 crore versus Rs 26,363.1 crore quarter-on-quarter.

Provisions of the bank were reported at Rs 3,624.7 crore in the fourth quarter as against Rs 3,908.1 crore quarter-on-quarter and Rs 4,563.6 crore year-on-year. Provisions for loan losses dropped 20 percent year-on-year to Rs 3,625 crore for the quarter under review.

During the quarter, the bank's total income increased to Rs 27,269 crore from Rs 21,095 crore a year ago. Interest income grew to Rs 23,849 crore during the period under review against Rs 18,645 crore in the year-ago period.