Friday, Mar 29 2024 | Time 19:39 Hrs(IST)
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Business Economy


PNB Q1 net profit dips 57.50 percent to Rs 306.30

Mumbai, Jul 28 (UNI) Public sector lender, Punjab National Bank (PNB) on reported a drop of 57.50 percent in its net profit at Rs 306.30 crore for the quarter ended June 30, 2016 as compared with net profit of Rs 720.71 crore in the same quarter of the last fiscal.
However, Total Income has increased from Rs 13,432.05 crore for the quarter ended June 30, 2015 to Rs 13,930.00 crore for the quarter ended June 30, 2016, up by 3.71 percent.
Net interest income of the bank declined by 9.83 per cent to Rs 3699 crore during the quarter under review against Rs 4102.47 crore in the same quarter last year.
Amount of gross non-performing assets of bank jumped by 123 per cent year-on-year to Rs 56,654.09 crore for the quarter ended June 2016 against Rs 25,397.42 crore in the corresponding quarter a year ago.
The company’s net NPAs stood at 9.16 per cent in the quarter under review as compared to 8.16 per cent for the sequential quarter ended March 31, 2016.
Provisions and contingencies of the bank jumped 51 per cent year-on-year to Rs 2,736.38 crore against Rs 1,811.39 crore in the corresponding period last fiscal.
UNI JS AW1402
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