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PNB posts 123% increase in net profit

Punjab National Bank (PNB) posted a 123% year-on-year (yoy) increase in net profit at Rs 1,127 crore in the third quarter of the current financial year (2021-22) largely on lower provisions.

Published: 28th January 2022 08:56 AM  |   Last Updated: 28th January 2022 08:56 AM   |  A+A-

Punjab National Bank, PNB

Punjab National Bank (Photo | EPS)

By Express News Service

NEW DELHI:  Punjab National Bank (PNB) posted a 123% year-on-year (yoy) increase in net profit at Rs 1,127 crore in the third quarter of the current financial year (2021-22) largely on lower provisions.

The government-owned bank’s total income during the quarter was Rs 22,026 crore lower than Rs 23,042 crore during the same quarter previous year. On a q-o-q basis, however, revenues grew 3.76%.

Operating Profit increased by 26.24% on Q-o-Q basis to Rs 5,076 crore in the third quarter compared to Rs 4,021 crore in the Q2. Net Interest Income (NII) increased by 22.8 % on Q-o-Q basis to Rs 7,803 crore, while Net Interest Margin (NIM) improved by 54 bps to 2.93% during the quarter. Gross NPA ratio of the bank improved by 75 bps to 12.88% in the December quarter from 13.63% in September quarter.



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