PNB reports four-fold jump in Q2 net profit to Rs 1,756 crore

Public sector lender Punjab National Bank (PNB) on Thursday reported over four-fold jump in its net profit to Rs 1,756.13 crore in the September quarter.

The jump in net profit was mainly on account of higher interest income and low provisioning.

The bank’s net profit in the year-ago quarter was Rs 411.27 crore.

PNB’s interest income rose 31 per cent to Rs 26,355 crore during the second quarter of the current fiscal, against Rs 20,154 crore a year ago.

The bank’s provisioning declined to Rs 3,444 crore during the quarter under review, from Rs 4,906 crore in the year-ago period.

Gross NPAs as percentage of total loans declined to 6.96 per cent at the end of September, from 10.48 per cent last year.
Shares of PNB were trading at Rs 69.40 on Thursday, down 0.07 per cent over previous close on the BSE.