Punjab National Bank net profit rises 22% to Rs 621 crore in Sept quarter

Punjab National Bank (PNB) on Monday reported a 22 per cent jump in net profit to Rs 620.81 crore for the second quarter ended September 30.

The state-owned lender had posted a net profit of Rs 507.05 crore during the corresponding quarter a year ago.

The bank's total income during July-September rose to Rs 23,438.56 crore as against Rs 15,556.61 crore in the year-ago period, PNB said in a regulatory filing.

Gross non-performing assets accounted for 13.43 per cent of the gross advances at the end of September, lower than 16.76 per cent a year ago.

Net non-performing assets (NPAs) declined to 4.75 per cent, compared with 7.65 per cent a year ago.

However, provisions for bad loans rose to Rs 3,811.17 crore in the quarter, against Rs 3,253.32 crore in July-September 2019.

Oriental Bank of Commerce and United Bank of India merged with PNB, effective April 1, 2020.