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PNB Q1 net profit goes up 12% to Rs 343 crore, NPAs decline

State-owned Punjab National Bank (PNB) on Wednesday reported a 12.09 percent increase in net profit at Rs 343.40 crore during the April-June quarter, helped by lower provisions for bad loans.

The bank had posted a net profit of Rs 306.36 crore during the corresponding quarter of the previous fiscal.

Total income stood at Rs 14,468.14 crore during the three months to June, up 7.36 percent, as against Rs 13,475.41 crore a year ago, PNB said in a BSE filing.

Gross non-performance assets (NPAs) as proportion of advances declined marginally to 13.66 percent compared to 13.75 percent at the end of June last year. Net NPAs also came down to 8.67 percent, from the earlier 9.16 percent.

During the quarter under review, provision for bad loans fell by 19.14 percent to Rs 2,559.71 crore, compared with Rs 3,165.67 crore a year earlier.

The stock of PNB was trading at Rs 159.55, up 1.30 percent, on the BSE in afternoon trade.

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