Money & Banking

PNB net up 78 per cent in Q2

Our Bureau New Delhi | Updated on October 28, 2021

The public sector lender’s half-yearly profit surpassed the entire last fiscal profit

Punjab National Bank (PNB), the country’s second-largest public sector bank, on Wednesday, reported a 78 per cent increase in standalone net profit for the quarter ended September 30 at ₹ 1105 crore as compared to net profit of ₹ 621 crore in same quarter last fiscal.

The public sector bank had registered a net profit of ₹ 1024 crore in the previous quarter ended June 30 this year.

The bottomline for the quarter under review was bolstered by a tax provision write-back of ₹ 345 crore.

For the six months ended September 30, PNB’s standalone net profit grew 129 per cent to ₹ 2129 crore ( ₹ 929 crore). This half-yearly bottomline performance was higher than the entire fiscal 2020-21 net profit of ₹ 2022 crore.

Total income for the second quarter ended September 30 this fiscal stood at ₹ 21,262 crore, lower than the total income of ₹23,280 crore in the same quarter last year.

The provision towards non performing assets saw a substantial reduction for the quarter under review at ₹ 2,693 crore against ₹ 3,811 crore in the same quarter last fiscal year.

Published on October 27, 2021

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