PNB Q1 net profit at Rs 306 crore; beats estimate

PNB Q1 net profit at Rs 306 crore; beats estimate

NEW DELHI: Punjab National Bank (PNB) reported a 57.5 per cent YoY fall in net profit to Rs 306 crore for the quarter ended June 30 which was better than ET Now estimate of Rs 226 crore.

PNB reported a net profit of Rs 721 crore in the year-ago period and a loss of Rs 5,367 crore recorded in the previous quarter.

Total Income increased by 3.7 per cent year-on-year to Rs 13,930.00 crore for the quarter ended June 30, 2016, compared to Rs 13,432.05 crore reported in the year-ago period.

Total gross non-performing assets (GNPAs) stood at Rs 5,66,540.90 crore at the end of June quarter, compared with Rs 2,53,974.20 crore recorded for the year-ago period and Rs 5,58,183.30 crore reported for the previous quarter.

Reacting to the results, PNB was trading flat at Rs 132.25.