PNB's Q1 profit jumps 231% to Rs 1,023 crore as provisions fall

State-owned Punjab National Bank (PNB) reported a net profit of Rs 1,023 crore in April-June, posting a 231 per cent jump in its profit as compared to the same period last year. Sequentially, net profit of the Delhi-based lender increased 74 per cent from Rs 586 crore reported in Jan-March.

The bank’s net interest income (NII) increased 6.5 per cent year-on-year to Rs 7,226 crore during the quarter on a standalone basis. NII is difference between interest earned by a bank through lending and interest paid to depositors. Global net interest margin for the bank improved by 23 basis points to