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Private lender Punjab National Bank on Tuesday reported a 62.8 per cent dip net profit to ₹411.3 crore for the September quarter. This is against a net profit of ₹1,105.2 crore in the year ago period, PNB said in the regulatory filing.
The bank net interest income (NII) grew by 30.2 per cent to ₹8,271 crore in the quarter under review from ₹6,352.8 crore a year ago.
PNB‘s total income in the September quarter increased to ₹23,001.26 crore as against ₹21,262.32 in the period a year ago, PNB said in a regulatory filing.
The lender’s interest income also rose to ₹20,154 crore from ₹17,980 crore in the same quarter a year ago.
Punjab National Bank’s gross non performing assets (NPAs) declined to 10.48 per cent of the gross advances from 13.36 per cent earlier.
The gross NPAs or bad loans stood at ₹87,034.79 crore at the end of the second quarter of FY23, compared to ₹100,290.85 crore a year earlier. The net NPA too declined to 3.80 per cent as against 5.49 per cent.
However, provisions for bad loans increased to ₹3,555.98 crore for the quarter as against ₹2,692.74 crore in the year-ago period.
On Tuesday, PNB scrip on BSE was trading 4.34 per cent lower at ₹41.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
