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PNB adopts US GAAP; FY03 net at Rs 1,140 crore
November 24, 2003 16:11 IST
Punjab National Bank's net profit for last fiscal emerged higher at Rs 1,139.77 crore (Rs 11.40 billion) after it adopted the stringent accounting principle of the United States (US GAAP) as against Rs 939.57 crore (Rs 9.39 billion) recorded as per the Indian standards.
Restating its financial results as per US GAAP, PNB said its net profit was higher by 21.31 per cent when compared to Indian accounting standards, while networth improved by 45 per cent to Rs 5,896 crore (Rs 58.96 billion) during 2002-03.
The equity improved despite VRS expenses of Rs 226 crore (Rs 2.26 billion) and another Rs 37.33 crore (Rs 373.3 million) provided for goodwill.
"The bank's restatement of its financial performance as per US GAAP is seen as an important move forward towards greater transparency and additional disclosures," PNB said in a release on Monday.