PNB Q3 results: Profit zooms 123%

 

Government-owned lender Punjab National Bank (PNB) on Thursday said its net profit for December-ending quarter was Rs 1,126.78 crore, up 122.71 per cent compared to reported profit of Rs 506.03 crore in the same quarter last year.

Net profit was higher on account of lower provisions. The company provided Rs 3,353.55 crore for the quarter down from Rs 5,175.99 crore. However, provisions for bad loans increased by Rs 536 crore.

Operating profit (before contingencies and provisions) of the company came in at Rs 5,076.31 crore, down 17.24 per cent from Rs 6,134.20 crore in the year ago quarter.

Operating margin came in at 23.05 per cent, down from 26.62 per cent in the same quarter last year. However, it was significantly higher than September quarter’s 18.91 percent.

Net profit margin for the quarter was 5.12 per cent, down from 5.20 per cent quarter-on-quarter and up from 2.20 per cent year-on-year.

Gross net performing assets (NPA) stood at 4.9 per cent of total assets. This compares with 5.49 per cent and 4.03 per cent, respectively, in the September 2021 quarter and December 2020 quarter. Similarly, net NPA stood at 0.34 per cent during the quarter, against 0.33 per cent and 0.15 per cent, respectively.