Mumbai, May 9 (IANS): State-owned Punjab National Bank Wednesday posted 18.6 percent increase in net profit at Rs.1,424 crore for the quarter ended March 31 as against Rs.1,200.9 crore during the same period of the previous financial year.

Total income stood at Rs.10,955.73 crore during the quarter under review, up 27.6 percent compared to Rs.8,585.65 crore during the period an year ago, the company said in a regulatory filing.

During the year ended March 31, 2012, the company posted an increase of 10 percent in net profit at Rs.4,884 crore compared to Rs.4,433.5 crore during the year ended March 31, 2011.

The total income during the year under review stood at Rs.40,630.63 crore up 32.8 percent against Rs.30,599 crore during the period an year ago.

Gross non-performing assets (NPAs) increased at 2.93 percent in the quarter ended March 31 against 2.42 percent during the previous quarter and the net non-performing assets rose 1.52 percent during the quarter under review against 1.11 percent in the previous quarter.

The bank has also recommended an annual dividend of Rs.22 per equity share of Rs.10 each for the financial year 2011-12.

At the Bombay Stock Exchange the shares of the bank were 2.77 percent lower to trade at Rs.762.