BANK NEWS
Punjab National Bank sees 11 percent dip in net profit in Q2
New Delhi. Punjab National Bank on Saturday reported an 11 per cent fall in its net profit in the second quarter of the current financial year to Rs. 549 crore from the Rs. 621 crore recorded in the second quarter of the previous year.
Asset quality remained a worry with gross non performing assets (NPA) rising to 13.63 per cent in Q2 of this year from 6.36 per cent in the corresponding period a year ago. Net NPAs rose similarly to 9.10 per cent from 3.99 per cent over the same period.
Nov 5 Government-owned Punjab National Bank on Saturday said it has posted a net profit of Rs 549.36 crore for the quarter ended on September 30. In a regulatory filing in BSE, the Punjab National Bank said it has posted a net profit of Rs 549.36 crore for the quarter ended on September 30, 2016 as compared to Rs 621.03 crore for the quarter that ended on September 30, 2015.
The bank’s total income for the period under review stoo at Rs 14,218.27 crore, up from Rs 13,701.93 crore earned for the quarter ended September 30, 2015. While the global deposits of the Bank reached Rs. 5.75 lac crore, the net advances stood at Rs. 3.94 lac crore as on September 30, 2016. The bank continued to register double digit y-o-y growth of 11.1% in CASA deposits which stood at Rs. 2.17 lac crore backed by a robust growth in savings deposits at 14.2% (y-o-y).
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