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Dragged down by higher provisioning for bad loans, Punjab National Bank (PNB), the country's second largest public sector lender reported a drop in net profit for the quarter ending June 30, 2015 at Rs 721 crore.
This was a 48.68 per cent decline from Rs 1,405 crore reported the same quarter of 2014-15 fiscal. The gross non-performing assets (NPAs) of the bank increased from Rs 25,397 crore in the June quarter of current fiscal as against Rs 19,603 crore in the same quarter of last fiscal as per data on the NSE.
The gross NPA of the bank as a percentage of total advances rose to 6.47 per cent in the June quarter from 5.48 per cent in the year ago period. Provisioning during the quarter rose to Rs 1,811 crore, from Rs 928 crore in the June quarter of last fiscal. Interest income of the bank rose to Rs 12,035 crore during the first quarter, up nearly 4 per cent from Rs 11,589 crore in the three month of 2014-15.
Standalone total income of the bank rose to Rs 13,432 crore in June quarter, from Rs 12,825 crore in the same quarter of previous fiscal. The shares of the company surged by a huge 5 per cent and were last trading at Rs 143 on the National Stock Exchange.
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