PNB Q2 net profit dips 11.5% to Rs 549 crore
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State-owned Punjab National Bank on Saturday reported a 11.5 per cent fall in net profit to Rs 549.36 crore for the quarter ended September 30, amid a rise in provisions for bad loans.
The bank had reported a net profit at Rs 621.03 crore during the July-September quarter last financial year.
"Total income increased to Rs 14,218.27 crore for the quarter ended September 30, 2016, from Rs 13,701.93 crore for the same quarter a year earlier," the bank said in a regulatory filing.
Total interest earned by the bank in the three-month period, however, fell by 4.16 per cent to Rs 11,830.36 crore from Rs 12,345.03 crore a year earlier.
During the quarter, provisions for bad loans increased 34.6 per cent to Rs 2,533.76 crore from Rs 1,882.08 crore in the year-ago period.
Gross non-performing assets (NPAs) as a proportion of total advances moved up to 13.63 per cent during the second quarter, against 6.36 per cent in the corresponding period last year. Net NPAs also rose 9.10 per cent, as against 3.99 per cent in the quarter under review.
Shares of the bank had closed at Rs 131.60 apiece on the BSE on Friday.
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