Punjab National Bank (PNB) on Thursday posted over four-fold jump in its net profit to Rs 1,756.13 crore in the second quarter ended September 30, 2023. The jump in the state-owned bank’s net profit was mainly on account of higher interest income and low provisioning.
The bank’s net profit in the year-ago quarter was Rs 411.27 crore. PNB’s interest income rose 31 per cent to Rs 26,355 crore during the second quarter of the current fiscal, against Rs 20,154 crore a year ago.
The bank’s provisioning declined to Rs 3,444 crore during the quarter under review, from Rs 4,906 crore in the year-ago period. Gross NPAs as percentage of total loans declined to 6.96 per cent at the end of September, from 10.48 per cent last year.
Shares of PNB were trading at Rs 69.40 on Thursday, down 0.07 per cent over the previous close on the BSE.
(With Inputs from PTI)
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