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Punjab National Bank reports Q3 net profit down 44% to Rs 629 crore

PNB on Monday reported a 44 per cent decline in standalone net profit at Rs 629 crore in the third quarter ended December

PNB, Punjab national bank

Press Trust of India New Delhi
Punjab National Bank (PNB) on Monday reported a 44 per cent decline in standalone net profit at Rs 629 crore in the third quarter ended December.
The state-owned bank had earned a net profit of Rs 1,127 crore in the year-ago period.
However, total income during October-December 2022 increased to Rs 25,722 crore as against Rs 22,026 crore in the year-ago period, PNB said in a regulatory filing.
On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 9.76 per cent as compared to 12.88 per cent at the end of third quarter of previous fiscal.
At the same time, the net NPAs eased to 3.30 per cent as against 4.90 per cent in the same period a year ago.
However, provisions for bad loans increased to Rs 3,908 crore during the quarter as against Rs 3,654 crore a year ago.
The capital adequacy ratio rose to 15.15 per cent in the December quarter as against 14.91 per cent.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jan 30 2023 | 7:10 PM IST

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