Bringing hope and relief to many, the Punjab National Bank (PNB) has reported a net profit of 620.81 crore for the Second Quarter ending in September. The corresponding profit for the previous financial year was 507.05 crore.
This 22% rise in profits amidst a nation-wide economic slowdown is testament to the Bank’s mechanism to re-engage its customers despite unnatural challenges.
PNB Performance on various Parameters
The net profit was not the sole category championing PNB’s case. In fact, PNB aced its previous performances on a number of measures and indices.
The total income of PNB during July-September rose to Rs 23,438.56 crore in comparison to Rs 15,556.61 crore in the year-ago period, PNB said in the regulatory filing.
The Gross non-performing assets consisted of only 13.43 per cent of the gross advances at the end of September. This figure too has seen a welcomed decline from 16.76 per cent a year ago.
Net non-performing assets (NPAs) declined to 4.75 per cent, compared with 7.65 per cent a year ago.
These profits come in the foreground of the government mandated merger of Oriental Bank of Commerce and United Bank of India with PNB, hence while they should be a reason to celebrate, the approach should continue to be cautious, experts advise.
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