Punjab National Bank net down drastically

Government-owned Punjab National Bank's net profit for the first quarter recorded a drastic fall despite higher income.

In a regulatory filing in BSE, the bank said it has posted a net profit of Rs.720.71 crore for the quarter ending June 30, down from Rs.1,405.12 crore for the same period last year.

According to the bank, its total income for the period stood at Rs.13,432 crore up from Rs.12,825.13 crore posted for the quarter ending June 30, 2014.