PNB posts profit of Rs 507 cr in Q2

Punjab National Bank (PNB) on Tuesday reported a profit of Rs 507.06 crore for the second quarter ended September 30.

The state-owned lender had posted a loss of Rs 4,532.35 crore during the same quarter a year ago.

The bank's total income during July-September quarter rose to Rs 15,556.61 crore as against Rs 14,035.88 crore in the same quarter last year, PNB said in a regulatory filing.

Gross non-performing assets accounted for 16.76 per cent of the gross advances at the end of September, lower than 17.16 per cent a year ago.

Provisions for bad loans sharply declined to Rs 3,253.32 crore in the quarter, against Rs 7,733.27 crore in July-September 2018.