PNB Q1 profit declines 70 pc to RS308 cr

NEW DELHI: The public sector lender Punjab National Bank (PNB) reported 69.8 per cent drop in its standalone net profit to Rs308 crore for the first quarter ending June 30, 2020 compared with Rs1,018.63 crore the bank logged in for the same quarter last year. .

The numbers of both periods are not comparable as PNB has merged Oriental Bank of Commerce (OBC) and United Bank of India (UBI) with it effective April 1, 2020, according to a statement filed by PNB on Friday.

The total income for the bank during the period grew 60 per cent to Rs24,292.80 crore compared with Rs15,161.74 crore the bank earned for the same period in the earlier period.

During the quarter under review, the gross non-performing assets (NPAs) dropped to 14.11 per cent of the total advances, as against 16.49 per cent, the bank used to have for the same period last year. Net NPAs during the period declined to 5.39 per cent as against 7.17 per cent a  year earlier.

 

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