PNB Reports Net Profit At Rs 507 Crore For Q2

On Tuesday, Punjab National Bank (PNB) reported a net profit of Rs 507.05 crore for the second quarter of 2019-20. In the same period of the previous year, the state-owned lender posted a loss of Rs 4,532.35 crore.

Punjab National Bank: Quotes, News

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Shares of PNB fell by over 5 percent to Rs 64.25 apiece on NSE following the results.

For the September-ended quarter, the bank's net interest income was up by 7.2 percent to Rs 4,262 crore from Rs 3,974 crore in the same period last year.

Asset quality deteriorated as gross NPAs (non-performing assets) rose to 16.76 percent in the July-September period from 16.49 percent in the previous quarter. Net NPAs were at 7.65 percent as against 7.17 percent in the June-ended quarter.

Provisions made by the public-sector bank rose by 44 percent to Rs 2,928.90 crore in the September-ended quarter from Rs 2,023.31 crore in the first quarter. However, they were 70 percent lower than Rs 9,757.90 crore a year ago.

PNB's operating profit for the quarter under review was at Rs 3,561.95 crore.