PNB Dec Qtr Results: The net profit of Punjab National Bank has more than doubled in the December quarter of the current financial year. The bank had a net profit of Rs 1,126.78 crore in the third quarter. There was a slight decline in bad loans of PNB in this quarter.
The country’s second largest public sector bank had a net profit of Rs 506.03 crore in the same quarter a year ago.
Bank’s income decreased
Punjab National Bank said in an exchange filing that the total income of the bank declined to Rs 22,026.02 crore during the October-December, 2021 quarter. The income of the bank was Rs 23,298.53 crore in the same period a year ago.
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Improvement in NPAs
On the asset quality front, the bank saw marginal improvement in its gross non-performing assets (NPA) in the December quarter. The NPA of the bank declined to 12.88 percent of the gross advance in the December quarter. The NPA of the bank was 12.99 percent in the same period a year ago.
The gross NPA of the bank stood at Rs 97,258.67 crore at the end of December 2021, as against Rs 94,479.33 crore in the same period a year ago.
Net NPA Ratio Raised
However, the net NPA ratio of the bank increased from 4.03 per cent (Rs 26,598.13 crore) to 4.90 per cent (Rs 33,878.56 crore). Provisions other than taxes and contingencies declined to Rs 3,353.55 crore from Rs 5,175.99 crore in the year-ago period.
On a consolidated basis, the bank reported a profit of Rs 1,150.49 crore during the December quarter as against Rs 585.77 crore in the year-ago quarter. On a consolidated basis, it declined to Rs 22,275.40 crore from Rs 23,639.41 crore in the October-December quarter of the previous financial year.