Punjab National Bank (PNB) has reported a 72 per cent decline in consolidated net profit for the first quarter ended June 30, 2022 at ₹304 crore ( ₹1,080 crore).
A 47 per cent increase in provision for non-performing assets at ₹4,782 crore (₹3,258 crore) weighed on the bottomline, the bank said in latest filings with the stock exchanges
The first quarter consolidated profit this fiscal was, however, higher than the consolidated net profit of ₹245 crore recorded in the previous March 2022 quarter.
The consolidated total income for the quarter under review, too, declined to ₹21,527 crore (₹23,116 crore), but it was higher than the ₹21,350 crore recorded in the March 2022 quarter.
On a standalone basis, PNB reported a net profit of ₹308 crore, down 70 per cent the ₹1,023 crore recorded in the same quarter last fiscal. In the March 2022 quarter, PNB had recorded a net profit of ₹ 202 crore.