spot_img
spot_img
27 C
Hubli
Wednesday, December 7, 2022
HomeNews in briefPunjab National Bank Q2 Net Profit Declines 63% On Higher Provisions

Punjab National Bank Q2 Net Profit Declines 63% On Higher Provisions

<!–

–>

PNB: The gross NPAs declined to 10.48 per cent of the gross advances.(File)

New Delhi:

State-owned Punjab National Bank (PNB) on Tuesday reported a 63 per cent decline in standalone net profit to Rs 411 crore for the September quarter on account of higher provisioning for bad loans.

The bank had posted a net profit of Rs 1,105 crore in the year-ago period.

Total income in the second quarter of the current fiscal increased to Rs 23,001.26 crore as against Rs 21,262.32 in the July-September period a year ago, PNB said in a regulatory filing.

The lender’s interest income also rose to Rs 20,154 crore from Rs 17,980 crore in the same quarter a year ago.

The gross Non Performing Assets (NPAs) declined to 10.48 per cent of the gross advances from 13.36 per cent earlier.

In absolute terms, the gross NPAs or bad loans stood at Rs 87,034.79 crore at the end of the second quarter of FY23, compared to Rs 1,00,290.85 crore a year earlier.

The net NPA too declined to 3.80 per cent as against 5.49 per cent.

However, provisions for bad loans increased to Rs 3,555.98 crore in the July-September quarter of FY23 as against Rs 2,692.74 crore in the year-ago period.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Featured Video Of The Day

Morbi Civil Hospital Spruced Up Ahead of PM Modi’s Visit

.
.
.
.

.
.

Source link

Accident: Sindagi CPI Ravi Ukkund, his wife died on the spot

Kalaburgi: Sindagi Circle Inspector Ravi Ukkund, 43, and his wife Madhu, 40, were killed on the spot after the car in which they were...

Akhil’s body found, postmortem is going on

Hubballi: Finally, the police have found the dead boy of Akhil Mahajanshet in a sugarcane field in Devikoppa, near Kalaghatagi, said local sources. And...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This is the title of the web page
This is the title of the web page