Punjab National Bank Q2 net profit falls 63% to Rs 411 cr on higher provisions – Times of India

NEW DELHI: State-owned Punjab National Bank (PNB) on Tuesday reported a 63% decline in standalone net profit to Rs 411 crore for the September quarter on account of higher provisioning for bad loans.
The bank had posted a net profit of Rs 1,105 crore in the year-ago period.
Total income in the second quarter of the current fiscal increased to Rs 23,001.26 crore as against Rs 21,262.32 in the July-September period a year ago, PNB said in a regulatory filing.
The lender’s interest income also rose to Rs 20,154 crore from Rs 17,980 crore in the same quarter a year ago.
The gross Non Performing Assets (NPAs) declined to 10.48% of the gross advances from 13.36% earlier.
In absolute terms, the gross NPAs or bad loans stood at Rs 87,034.79 crore at the end of the second quarter of FY23, compared to Rs 1,00,290.85 crore a year earlier.
The net NPA too declined to 3.80% as against 5.49%.
However, provisions for bad loans increased to Rs 3,555.98 crore in the July-September quarter of FY23 as against Rs 2,692.74 crore in the year-ago period.

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