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Punjab National Bank (PNB), on Friday, reported a standalone net profit of ₹506 crore for the quarter ended December 31, 2020. This was about 18.5 per cent lower than sequential standalone net profit of ₹621 crore in the previous quarter ended September 30, 2020.
In the third quarter last fiscal, PNB (pre amalgamation) had reported a net loss of ₹492 crore.
The third quarter financial performance is not comparable on a year-on-year basis as the latest net profit of ₹506 crore reflects the performance of the amalgamated entity, while the loss of ₹492 crore was prior to amalgamation. It maybe recalled that PNB amalgamated with Oriental Bank of Commerce and United Bank of India with effect from April 1, 2020.
Total revenue for the quarter under review stood at ₹23,299 crore, lower than ₹23,438 crore in the previous quarter.
For the nine months ended December 31, 2020, PNB (post amalgamation) reported a net profit of ₹1,435 crore. In the same period last year, PNB (pre amalgamation) had recorded net profit of ₹1,033.4 crore.
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