PNB's Q2 net profit rises 22% to ₹621 cr; asset quality improves on a sequential basis1 min read . Updated: 02 Nov 2020, 06:29 PM IST
- Interest earned during the quarter rose 58% to ₹20,946 cr
- Gross non-performing assets accounted for 13.43% of the gross advances at the end of Sept as against 14.11% in the June quarter
State-owned Punjab National Bank on Monday reported 22% jump in standalone net profit at ₹621 crore for the quarter ending 30 September, 2020. It was ₹507 crore in the year-ago period.
Interest earned during the quarter rose 58% to ₹20,946 crore as against ₹13,292 crore in September 2019.4
The bank's total income during July-September rose to ₹23,438.56 crore as against ₹15,556.61 crore in the year-ago period, PNB said in a regulatory filing.
PNB's asset quality improved on a sequential basis. Gross non-performing assets (NPAs) during the quarter were at 13.43% of gross advances as against 14.11% in the June quarter. Net NPAs during the September quarter eased to 4.75% from 5.39% in the previous quarter.
Provisions and contingencies during the quarter rose 60% to ₹4,696 crore as compared to ₹2,929 crore a year ago.
Provisions for bad loans rose to ₹3,811.17 crore in the quarter, against ₹3,253.32 crore in July-September 2019.
Oriental Bank of Commerce and United Bank of India merged with PNB, effective April 1, 2020.
On Monday, PNB's scrip on NSE closed 4.3% higher at ₹27.90.