Aided by lower provisioning for non-performing assets and tight control on operating expenses, Punjab National Bank (PNB) on Monday reported a 75 per cent growth in standalone net profit for the first quarter ended June 30 at ₹1,023.46 crore against ₹586.33 crore in the March quarter.

On a year-on-year basis, its net profit grew a whopping 231.81 per cent compared to ₹308.45 crore in the same quarter last year.

It maybe recalled that the three way amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce had come into effect from April 1 last year. This is the first time when a like-to-like comparison of Q1 of the banking behemoth (amalgamated bank) is available, say some banking industry observers.

For the quarter under review, PNB’s total income for the quarter under review stood at ₹22,515 crore, slightly lower than total income of ₹22,532 crore recorded in the previous quarter. In the first quarter last fiscal, it had registered total income of ₹ 24,293 crore.

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Operating profit increased to ₹6,098.65 crore from ₹5,634.31 crore in the March quarter. Its operating profit in June quarter last year was ₹5,280 crore.

Operating expenses of the bank fell sharply in the first quarter ended June 30 this year at ₹4,722 crore as against ₹5,045 crore in the March quarter. In the June quarter last year, operating expenses had come in at ₹5,156 crore.

Provision for NPAs for the quarter under review stood at ₹3,248 crore against ₹5,294 crore in the March quarter this year and ₹4,836 crore in the June quarter last year.

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