Punjab National Bank reports 4-fold rise in Q3 net profit at Rs 207 crore

Punjab National Bank on Tuesday reported over four-fold rise in net profit at Rs 207.18 crore for the quarter ended December 31, 2016 against Rs 51.01 crore reported for the corresponding quarter last year.

Punjab National Bank reports 4-fold rise in Q3 net profit at Rs 207 crore

Punjab National Bank on Tuesday reported over four-fold rise in net profit at Rs 207.18 crore for the quarter ended December 31, 2016 against Rs 51.01 crore reported for the corresponding quarter last year.

For the October-December period, the bank had reported a 9.43 per cent fall in net interest income at Rs 3,730.80 crore against Rs 4,119.63 crore in the same period last year.

Asset quality of the bank stood almost stable with percentage of gross non-performing assets stood at 13.70 per cent in Q3 of FY17 over 13.63 per cent in the sequential quarter ended September 30, 2016.


Speaking to a business news channel, PNB MD & CEO Usha Ananthasubramanian said that the bank should be able to move towards the 2.9% mark and needs to bring about a correction in the deposit rates as well. “I would say a small correction we could look for in the savings or in the term-tenures wherever we see a surge and where we do not need that kind of a deposit. We should be taking a call on that which would also help us because a lot of surge happens in the last quarter in terms of deposits as well,” she said.

Asset quality at PNB deteriorated in the December quarter with its gross non-performing assets (NPAs) as a percentage of total advances stood at 13.7%, up 7 bps sequentially. Its net NPAs stood at 9.09%, down 1 bps sequentially. PNB’s cash recoveries and upgradation in the December quarter stood at R2,413 crore and R1,534 crore respectively.