PNB net profit declines 18% QoQ to Rs 506 crore in December quarter

The bank's gross non-performing assets ratio dropped by 44 basis points to 12.99 per cent from 13.43 per cent as of September

Punjab National Bank reported an 18 per cent quarter-on-quarter drop in its standalone net profit to Rs 506 crore in the December quarter (Q3). The state-owned bank’s net interest income dropped marginally by 1 per cent to Rs 8,313 crore in Q3, compared with the previous quarter. In the third quarter of last financial year, PNB had reported a net loss of Rs 492 crore.

On a year-on-year basis, the bank’s net interest income – the difference between interest earned through lending and interest paid to depositors – grew 28 per cent. It grew 22 per cent to Rs 23,539 crore