Punjab National Bank (PNB), the second largest public sector lender reported over 10 per cent year-on-year (y-o-y) growth in its net profit to Rs. 1,405 crore for the quarter ending June 30, 2014.
Its net interest income (interest earned over interest expended) grew 12 per cent to Rs. 4,380 crore against Rs. 4,269 crore in the same period last fiscal.
However other income of the bank fell to Rs. 1,236 crore against Rs. 1,397 crore sequentially and Rs. 1,342 crore in the same quarter last fiscal.
Non-performing assets (NPA) of the bank grew in the reporting period. Its gross NPA came in at 5.48 per cent against 5.25 per cent last quarter and its net NPA grew to 3.02 per cent in the last quarter against 2.85 per cent sequentially.
As of 12.20 p.m. shares in PNB traded 1.36 per cent lower at Rs. 916.05 compared to 0.55 per cent loss in Nifty.
