PNB Q1 net plummets 49pc to Rs. 721 cr on higher provisioning

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Pulled down by higher bad loan provisioning, country’s second largest public sector lender PNB’s net profit during the June quarter nearly halved to Rs. 721 crore.

Punjab National Bank (PNB)’s first quarter net profit of current fiscal Tuesday showed a 48.68 percent 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.