PNB reports profit of Rs 1,019 crore for June quarter, net NPAs rise QoQ

Punjab National bank (PNB) on Friday reported a profit of Rs 1,018.63 crore for the quarter ended June 30, 2019 (Q1FY20) against loss of Rs 940 crore registered in the corresponding quarter of the previous fiscal. 

Provisions and contingencies stood at Rs 2,023.31 crore, down 64.8 per cent against 5,758.16 crore logged in the year-ago period. Sequentially, the numbers droped 79.9 per cent. In the March quarter, figures stood at Rs 10,071.11 crore. 

It was a positive surprise from the bank as most analysts had projected loss for the period.  

For instance, analysts at Edelweiss Securities had forecast