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(Photo: Mint)
(Photo: Mint)

PNB's Q2 net profit rises 22% to 621 cr; asset quality improves on a sequential basis

  • 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.

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