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PNB’s net profit for Q2 decreases by 63% to Rs 411 cr due to higher provisions

New Delhi: The state-owned Punjab National Bank (PNB) reported a 63% drop in standalone net profit to Rs 411 crore for the September quarter, owing to greater provisioning for bad loans.

In the same time last year, the bank reported a net profit of Rs 1,105 crore.

PNB reported in a regulatory filing that total revenue climbed to Rs 23,001.26 crore in the second quarter of the current fiscal from Rs 21,262.32 during the same time last year.

The lender’s interest income also increased, going from Rs 17,980 crore in the same quarter last year to Rs 20,154 crore this quarter. Gross non-performing assets (NPAs) decreased from 13.36 percent to 10.48 percent of gross advances.

At the end of the second quarter of FY23, the gross NPAs or bad loans totaled Rs 87,034.79 crore, up from Rs 1,00,290.85 crore a year earlier.

In addition, the net NPA decreased from 5.49 to 3.80 percent.

However, compared to the same quarter last year, the provision for bad loans grew to Rs 3,555.98 crore from Rs 2,692.74 crore.

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