Punjab National Bank Net Profit Down 11.5% At Rs 549 Crore

Punjab National Bank reported 11.5 per cent drop in net profit at Rs 549.36 crore for the second quarter ended September 30, 2016. The bank had reported a net profit at Rs 621.03 crore during the same quarter last year.

The bank's total Income has increased from Rs 137.01 crore for the quarter ended September 30, 2015 to Rs 142.18 crore for the quarter ended September 30, 2016.

The bank said that the provisions for bad loans rose 34.6 per cent to Rs 2,533.76 crore from Rs 1,882.08 crore in the year-ago period.

Gross NPAs moved up 13.63 per cent as against 6.36 per cent in the corresponding period last fiscal. Net NPAs also increased 9.10 per cent as against 3.99 per cent in the quarter.

Shares of the PNB on Friday closed at Rs 131.60 on BSE.

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