Punjab National Bank reported 78% rise in standalone net profit to Rs 1105.15 crore in Q2 FY22 from Rs 620.81 crore in Q2 FY21.
Total income during the quarter declined by 8.7% YoY to Rs 21,262.32 crore.
The bank's net interest income (NII) fell 24.9% Rs 6,352.81 crore during the period under review. It was Rs 8,454.97 crore in the same period last year.
PNB recorded 27.1% fall in operating profit to 27.1% to Rs 4,021.12 crore in Q2 FY22 from Rs 5,516.14 crore in Q2 FY21. Operating profit margin declined to 18.91% as on 30 September 2021 from 23.69% as on 30 September 2020.
Provisions and Contingencies at Rs 3,261.37 crore, were lower by 28.1% in Q2 FY22 as compared with Q2 FY21. Of this, the provision for non-performing assets (NPAs) amounted to Rs 2,692.74 crore (down 29.3% YoY) during the period under review.
Profit before tax in Q2 FY22 stood at Rs 759.75 crore, down by 22.4% from Rs 978.76 crore in Q2 FY21.
The public sector bank wrote back tax provisions aggregating to Rs 345.40 crore in the second quarter. It had made a provision of Rs 357.95 crore for taxes in the corresponding period last fiscal.
On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 1,00,290.85 crore as on 30 September 2021 as against Rs 1,04,075.56 crore as on 30 June 2021 and Rs 96,313.94 crore as on 30 September 2020.
The ratio of gross NPAs to gross advances stood at 13.63% as on 30 September 2021 as against 14.33% as on 30 June 2021 and 13.43% as on 30 September 2020.
The ratio of net NPAs to net advances stood at 5.49% as on 30 September 2021 as against 5.84% as on 30 June 2021 and 4.75% as on 30 September 2020.
While the bank's advances increased by 3.2% to Rs 6,73,225.82 crore, deposits rose by 4.3% to Rs 11,15,373.14 crore as on 30 September 2021 as compared with 30 September 2020.
Punjab National Bank is a public sector bank. The Government of India owned 73.1% of the bank as on 30 September 2021.
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