PNB Net Profit Rises 306% in Dec Quar­ter

The Economic Times - - Finance & Commodities - Our Bureau

Delhi: Delhi-based pub­lic sec­tor lender Pun­jab Na­tional Bank (PNB) de­clared a 306% in­crease in its net profit at .₹ 207 crore for the quar­ter ended De­cem­ber 2016 against .₹ 51 crore in the cor­re­spond­ing pe­riod last fis­cal.

The bank’s as­set qual­ity, how­ever, con­tin­ued to de­te­ri­o­rate with gross non-per­form­ing as­sets (NPAs), or bad loans, ris­ing to 13.7% of the gross ad­vances dur­ing the third quar­ter of the cur­rent fis­cal, against 13.63% in the pre­vi­ous quar­ter and 8.47% in the cor­re­spond­ing quar­ter a year ago. Net NPAs also in­creased to 9.09% of the net ad­vances as of De­cem­ber quar­ter of 2016-17 from 5.86% in the same pe­riod last year.

“Profit dur­ing the quar­ter was driven by de­cline in cost of de­posit, re­cov­ery of bad loans and rise in trea­sury in­come,” said PNB’s man­ag­ing direc­tor Usha Anan­tha­sub­ra­ma­nian. In ab­so­lute terms, the gross NPAs dropped marginally to .₹ 55,628 crore as of De­cem­ber 2016, from .₹ 55,818 crore.

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