Punjab National Bank (PNB), the country’s second largest public sector bank, on Tuesday reported a consolidated net profit of ₹494.11 crore in the second quarter ended September 30,2022. This was 55.3 per cent lower than the net profit of ₹1,104.25 crore recorded in the same quarter last fiscal.
The public sector lender recorded a net profit of ₹281.73 crore in the June 2022 quarter.
For the quarter under review, total consolidated income grew 7.85 per cent to ₹23,291.70 crore (₹21,527.42 crore), a regulatory filing by the bank on Tuesday showed.
The bottomline performance for the quarter under review was weighed down by a sharp increase in provisions at ₹4,883.29 crore (₹3,246.99 crore).
In the first six months of this fiscal, PNB reported a consolidated net profit of ₹775.84 crore, down 65.86 per cent over the net profit of ₹2,272.58 crore recorded in the same period last year.
On a standalone basis, PNB reported a 63 per cent decline in net profit for the quarter ended September 30, 2022 at ₹411 crore (₹1,105 crore).
The gross non-performing assets (NPA) as of end September 2022 declined to 10.48 per cent of gross advances from 13.63 per cent as of end September last year. In absolute terms, the gross NPAs stood at ₹87,034.79 crore as of end September 2022, from a level of ₹1,00,290.85 crore a year earlier.
On the other hand, net NPA as a percentage of advances fell to 3.80 per cent from 5.49 percent in September last year.