Punjab National Bank Q3 net profit up 11.1% at Rs 2.3 bn, bad loans decline

The public sector lender's total income increased by 8.02 per cent to Rs 152.57 billion for the quarter under review

Punjab National Bank’s net profit rose 11.1 per cent to Rs 2.3 billion in the third quarter of the financial year due to higher provisioning for bad loans.

PNB had earned a net profit of Rs 2.1 billion in the year-ago quarter and Rs 5.6 billion in the quarter ended September 2017, when the growth rate stood at 2 per cent.

Provisions during the third quarter grew 56 per cent to Rs 40.1 billion against the year-ago period, dragging the profitability of the public-sector bank, which witnessed a huge jump of 52.7 per cent in its operating profit, to Rs 42.4 billion.

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