PNB REPORTS ₹507 CR NET PROFIT IN Q2

NEW DELHI: State-owned Punjab National Bank (PNB) on Tuesday posted a net profit of ₹507.05 crore in the quarter to September against a ₹4,532.35 crore loss a year ago on the back of a decline in provisioning for bad loans. However, the lender posted a higher profit of ₹1,018.63 crore in the preceding three months. “In June-end we had over ₹1,000 crore profit. If you look at the segments where fraud has been declared, there was a requirement of provisioning to be done. That’s why there has been a change in profitability. But still, considering the amount of provisioning that we have done, it has been a good performance,” said SS Mallikarjuna Rao, managing director and CEO of PNB. Provisions during the quarter declined by 58.5% year-on-year to ₹3,055 crore.