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This article is more than 11 month old.

Punjab National Bank reports Q2 net profit at Rs 620.8 crore, beats estimates; Asset quality improves

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State-run Punjab National Bank on Monday reported a standalone net profit of Rs 620.8 crore for the quarter ended September 2020, beating CNBC-TV18 analysts’ poll estimates of Rs 417.2 crore. The bank had reported a net profit of Rs 308.5 crore in the previous quarter.

Punjab National Bank reports Q2 net profit at Rs 620.8 crore, beats estimates; Asset quality improves
State-run Punjab National Bank on Monday reported a standalone net profit of Rs 620.8 crore for the quarter ended September 2020, beating CNBC-TV18 analysts’ poll estimates of Rs 417.2 crore. The bank had reported a net profit of Rs 308.5 crore in the previous quarter.
Net interest income during Q2FY21 rose 24.4 percent to Rs 8,393.2 crore as against Rs 6,748.4 crore in Q1FY21.
The government had merged Oriental Bank of Commerce and United Bank of India with Punjab National Bank which came into effect on April 1, 2020.
PNB's asset quality during the quarter improved as Gross non-performing assets (NPAs) fell 5.4 percent to Rs 96,313.9 crore from Rs 1.01 lakh crore and net NPA declined by 12.4 percent to Rs 30,919.8 crore from Rs 35,303 crore, QoQ.
Gross NPA decreased by 67 bps to 13.43 percent of gross advances as against 14.11 percent in the June quarter. Net NPAs eased by 65 bps to 4.75 percent from 5.39 percent in the previous quarter.
Provisions and contingencies during the quarter increased marginally to Rs 4,696.15 crore from Rs 4685.89 crore in the previous quarter.
On Monday, the shares of Punjab National Bank ended 4.30 percent higher at Rs 27.90 on the BSE as against 1 0.36 percent gain in the benchmark Sensex.
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