PNB net profit rises to Rs 246 cr; up by 7 pc in Q3

PNB net profit rises to Rs 246 cr; up by 7 pc in Q3

Agency News

New Delhi, Feb 5 : State-owned Punjab National Bank on Tuesday posted its net profit at Rs 246.52 crore for the quarter ended December 31, 2018, registering 7.13 per cent year-on-year growth.

The bank’s net profit was Rs 230.11 crore in the quarter ended December 31, 2017, Bank chairman Sunil Mehta said.

“It is a proud moment for PNB to be back in the black. Despite the biggest turbulence ever faced in the industry, the bank had the capability to handle the situation,” Mr Mehta told a press conference here.

However, total income for the quarter ended December 31, 2018 declined by 2.64 per cent to Rs 14,854.24 crore as compared to Rs 15257.50 crore during the quarter ended December 31, 2017.

The Bank’s Net Interest Income (NII) rose around 8 per cent at Rs 4,290 crore against Rs 3,989 crore that the lender reported last year.

Talking about the non-performing assets (NPAs), Mr Mehta said they have registered a substantial improvement in assets. Its gross NPAs stood at Rs 77,733 crore against Rs 81,251 crore that was reported during the previous quarter. Net NPAs have fallen to Rs 35,675 crore from Rs 38,279 crore last year.

The net NPA ratio fell to 8.22 per cent from 8.9 per cent in the previous quarter.

The Bank’s total provisions stood at Rs 2,754 crore against Rs 9,758 crore in the last quarter. Last year, it had reported provisions of Rs 4,467 crore.

The bank further informed that it has written back a provision of Rs 163 crore for its IBC accounts. It has made a provision of Rs 2,014 crore in relation to a fraud.(UNI)