The Punjab National Bank, country’s second major public sector lender, recorded 86% surge in net profit for the three month period ended December 31, 2008 

The bank has posted a net profit at Rs 1,006 crore for the quarter ended December 31, 2008 against Rs 541 crore for the same quarter previous year.

According to sources, the bank has registered a 51% surge in total income at Rs 6,240 crore for the quarter as compared to Rs 4,119 crore in the corresponding quarter a year ago.

According to reports, Punjab National Bank, has decided to slash benchmark lending rate by 50 basis points (bps) to 11.50 per cent.

Scrip of Punjab National Bank settled well in green at Rs 400, up 2.72 percent on National Stock Exchange (NSE).