PNB Q2 Results: Punjab National Bank Q2 Results: Profit down 63% YoY to Rs 411 crore on higher provisions | Techy Kings

[ad_1]

The state-owned commercial lender () on Tuesday reported a 63% drop in standalone net profit to Rs 411 crore for the September quarter of FY23 due to higher provisions for bad loans. The bank had posted a net profit of Rs 1,105 crore in Q2FY23.

The bank’s total income in the second quarter of the current fiscal rose to Rs 23,001.26 crore compared to Rs 21,262.32 in the September quarter last year, PNB said in a regulatory filing.

The bank’s net interest income grew by 30.2% YoY to Rs 8,271 crore in the second quarter of FY23.

The lender’s gross Non-Performing Assets (NPAs) declined to 10.48% in Q2FY23 from 13.36% in Q2FY22. While net NPA declined to 3.80% from 5.49%.

In absolute terms, gross NPAs stood at Rs 87,034.79 crore at the end of the second quarter of FY23, compared to Rs 1,00,290.85 crore a year earlier. While net NPAs amounted to Rs 29,348.16 in Q2FY23 compared to Rs 36,934.20 in Q2FY22.

However, the provision for NPAs rose to Rs 3,555.98 crore in the second quarter of FY23 compared to Rs 2,692.74 crore in the year-ago period.

PNB’s global NIM increased by 61 basis points to 3.00% in Q2FY23 from 2.39% in Q2FY22. While global deposits increased by 7% on a YoY basis to Rs 11,93,501 crore at the end of September 2022 compared to Rs 11,15,373 crore in September’21.

[ad_2]

Source link