PNB Q2 net profit falls by 63% to Rs 411 cr

PNB reported a 63 percent decline in its standalone net profit to Rs 411 crore for the September quarter on account of higher provisioning for bad loans

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PNB Q2 net profit falls by 63% to Rs 411 cr

New Delhi: State-owned Punjab National Bank (PNB) reported on Tuesday a 63 percent decline in its standalone net profit to Rs 411 crore for the September quarter on account of higher provisioning for bad loans. The bank had posted a net profit of Rs 1,105 crore in the year-ago period.

“Total income in the second quarter of the current fiscal increased to Rs 23,001.26 crore as against Rs 21,262.32 in the July-September period a year ago,” PNB said in a regulatory filing.

The lender’s interest income also rose to Rs 20,154 crore from Rs 17,980 crore in the same quarter a year ago.

The gross Non-Performing Assets (NPAs) declined to 10.48 percent of the gross advances from 13.36 percent earlier.

In absolute terms, the gross NPAs or bad loans stood at Rs 87,034.79 crore at the end of the second quarter of FY23 as compared to Rs 1,00,290.85 crore a year earlier.

The net NPA too declined to 3.80 percent as against 5.49 percent.

However, provisions for bad loans increased to Rs 3,555.98 crore in the July-September quarter of FY23 as against Rs 2,692.74 crore in the year-ago period.

(With PTI inputs)

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