New Delhi: After having registered a net loss of Rs 4,749.64 crore in the March quarter of the financial year 2018-19, state-run Punjab National Bank (PNB) has literally turned the tide in the June quarter of the ongoing financial year. In Q1FY20, the public sector lender posted a net profit of Rs 1,018.63 crores, while improving credit and deposit.
The bank had posted a net loss of Rs 940 crore in the corresponding quarter of the previous financial year. Operating profit for Q1FY20 stood at Rs 3,481 crore.
The June quarter of FY2019-20 saw the bank's net NPA ratio at 7.17 percent, up from 6.56 percent in the previous quarter of FY2018-19. The Gross NPA ratio, on the other hand, also rose to 16.49 percent in Q1FY20 from 15.50 percent in the previous quarter.
While domestic deposit grew by Rs 48,645 crores year-on-year to settle at Rs 6,49,210 crores, saving deposit improved to Rs 2,37,212 crores in the June quarter.
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PNB recorded a sharp decline of around 65 percent in provisions and contingencies on a yearly basis to Rs 2,023.31 crore over Rs 5,758.16 crore. The number declined 80 percent sequentially. In the June quarter of FY2018-19, PNB has provided Rs 4,981.99 crore for bad loans.
Sunil Mehta, Managing Director and Chief Executive Officer of PNB, said, "Provisioning has come down and so have slippages. The bank is on the right track and we have a system and strategy in place for rowing through the crisis." He added that the bank is addressing the NPA issue with a multi-pronged approach and hopes to bring down NPA ratio to 10-12 percent by year-end.