State-run Punjab National Bank (PNB) today reported a 52.56 per cent drop in net profit to Rs 505.49 crore for the quarter ended September 30, 2013, due to rise in non-performing assets.
The bank had a net profit of Rs 1,065.58 crore during July-September quarter of 2012-13, PNB said in a regulatory filing to the stock exchanges.
Total income has increased to Rs 11,632.84 crore for the quarter ended September 30 from Rs 11,335.17 crore in the same quarter last fiscal.
The gross non-performing assets (NPAs) during the second quarter of the current fiscal rose to 5.14 per cent from 4.66 per cent in the same period preceding fiscal.
The bank's net NPAs jumped to 3.07 per cent during the quarter from 2.69 per cent in the corresponding period last year, it said. Shares of PNB were trading at Rs 519.55 apiece, falling 4.77 per cent on the BSE.