Punjab National Bank Q2 Net Profit Jumps 22% To Rs 680.81 Crore

Punjab National Bank recorded a 22% jump in its second-quarter net profit to Rs 620.81 crore. The figures were better than expected due to improvements in the bank’s asset quality.

New Delhi: State-owned Punjab National Bank (PNB) has reported a 22% jump in its second-quarter net profit to Rs 620.81 crore. The figures are better than expectations as the bank’s asset quality improved. The rise in net profit was reported on a 50% increase in the bank’s total income to Rs 23,438.56 crore during the quarter. PNB’s asset quality improved during the quarter with the amount of net NPAs at Rs 30,919.84 crore. Bank’s gross non-performing assets (GNPA) accounted for 13.43% of the gross advances at the end of September, compared to 16.76% in the year-ago period. Similarly, net non-performing assets (NPAs) also fell to 4.75%, compared with 7.65% a year ago. Bank’s GNPA stood at Rs Rs 96,313.9 crore, and net NPAs stood at Rs Rs 30,919.8 crore during the quarter. Bank’s provisions for bad loans rose to Rs 3,811.17 crore in the quarter, against Rs 3,253.32 crore in July-September 2019, the bank said in a regulatory filing. Oriental Bank of Commerce and the United Bank of India were merged with PNB, effective April 1, 2020. Ahead of the results, PNB shares on BSE closed up 4.3% at Rs 27.9 in a firm Mumbai market on Monday, valuing the lender at Rs 26,255.66 crore.