PNB reported 57.49 per cent plunge in net profit

PNB 24indianews

State-owned Punjab National Bank (PNB) on Thursday reported a 57.49 per cent plunge in net profit to Rs 306.36 crore during April-June quarter, due to sharp rise in bad loans. The bank had posted a net profit of Rs 720.71 crore during the corresponding period of the previous fiscal. The total income stood at Rs 13,930 crore during the quarter, up 3.70 per cent, as against Rs 13,432.05 crore in the same quarter a year ago. Interest earned decreased by 3.8 per cent to Rs 11,574.94 crore as against Rs 12,034.69 crore in the first quarter of the previous fiscal. Gross non-performance assets (NPA) as a proportion of advances went up significantly to 13.75 per cent compared with 6.47 per cent at the end of June last year. Net NPA also rose to 9.16 per cent from 4.05 per cent. During the quarter under review, provision for bad loans jumped 51.17 per cent to Rs 2,738.38 crore compared with Rs 1,811.39 crore a year ago. Shares of PNB were trading at Rs 130.75, down 1.54 per cent, on BSE in afternoon trade.

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