Punjab National Bank(PNB) report profit in Q2

Punjab National Bank (PNB) on Tuesday reported a net profit of Rs 507.05 crore for the September quarter.

The state-run lender had reported Rs 4,532.35 crore loss in the corresponding quarter last year.

Net interest income (NII) for the quarter rose 7.2 per cent to Rs 4,262 crore from Rs 3,974 crore in the corresponding quarter last year.

The bank made Rs 2,928.90 crore in provisions for the quarter, which were 44 per cent higher than Rs 2,023.31 crore provisions made in June quarter but 70 per cent lower than Rs 9,757.90 provisions the bank made crore in the year-ago quarter.

Gross non-performing assets as percentage of total advances rose sequentially to 16.76 per cent in September quarter from 16.49 per cent in June quarter. It stood at 17.16 per cent in the year-ago quarter.

“During the quarter bank has availed dispensation for deferment of provision in respect of frauds amounting to Rs 2580.72 crore. Accordingly, an amount of Rs 645.19 crores has been charged to profit and loss account during the quarter and Rs 1,935.53 crores has been deferred to subsequent quarter,” the bank said.

“Further, out of unamortised amount of Rs 718.38 crore up to June quarter, an amount of Rs 369.59 crore has been charged to P&L account and remaining amount of Rs 348.79 crore has been carried forward to subsequent quarters. Total amount of remaining provision to be carried over to the subsequent quarters is Rs 2,284.32 crore,” the bank said.