PNB Q1 net 75% sequentially at ₹1,023 crore


Punjab National Bank (PNB) on Monday reported a 75 per cent rise in standalone net profit at ₹586.33 crore for the first quarter ended June 30, due to lower provisioning for non-performing assets and tighter control on operating expenses. 1,023.46 crore as against Rs. March quarter.

On a year-on-year basis, its net profit grew by 231.81 percent as compared to ₹308.45 crore in the same quarter last year.

It may be recalled that the tripartite amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce came into effect from April 1 last year. Some banking industry observers say this is the first time a Q1 like-for-like comparison of the banking behemoths (amalgamated banks) is available.

For the quarter under review, PNB’s total income for the quarter under review stood at ₹22,515 crore, which is marginally lower than the total income of ₹22,532 crore recorded in the previous quarter. In the first quarter of the last financial year, it had registered a total income of Rs 24,293 crore.

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Operating profit increased to ₹6,098.65 crore from ₹5,634.31 crore in the March quarter. Its operating profit in the June quarter last year was ₹5,280 crore.

The bank’s operating expenses fell sharply to Rs 4,722 crore in the first quarter ended June 30 this year, from Rs 5,045 crore in the March quarter. Operating expenses came to Rs 5,156 crore in the June quarter last year.

NPA provisioning for the quarter under review stood at ₹3,248 crore as against ₹5,294 crore in the March quarter this year and ₹4,836 crore in the June quarter last year.





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