PNB net profit plunges to Rs 308 cr in June qtr, income at Rs 24,292.8 cr

State-owned Punjab National Bank (PNB) on Friday reported a standalone net profit of Rs 308 crore for the quarter ended June.

The country's second-largest lender had posted a net profit of Rs 1,018.63 crore during the corresponding April-June period of 2019-20.

The numbers are not comparable as the bank merged Oriental Bank of Commerce and United Bank of India with itself effective April 1, 2020, PNB said in a regulatory filing.

Total income rose to Rs 24,292.80 crore during the June quarter of 2020-21, as against Rs 15,161.74 crore in the same period of the previous fiscal.

On the assets front, the lender's gross non-performing assets (NPAs) fell to 14.11 per cent of gross advances at the end of June 2020, as against 16.49 per cent at the end of June 2019.

Net NPAs declined to 5.39 per cent as against 7.17 per cent earlier.