New Delhi [India], Feb 7 : State-run lender Punjab National Bank on Tuesday announced an increase of four-fold in its profit to Rs.
207.2 crore in October-December quarter compared with Rs. 51.01 crore in same quarter last year, which was driven by other income and lower provisions. The bank has reduced from Rs. 55818 crore in Mar16 to Rs. 55628 crore in Dec16. The net NPA of the bank which was Rs. 35423 crore as on Mar16 has also come down to Rs. 34994 crore on account of continued pace of recovery. Also, the reduction in slippages in NPA has also translated into the bank is showing higher quarterly operating profit of Rs.
3155 crore as compared to Rs. 2918 crore in the corresponding period last year. Net Profit of the bank is higher as compared to Q3 FY16 yet the same has declined sequentially due to the Banks endeavor to make higher provisions for stressed assets after Asset Quality Review (AQR).
The bank has strong presence in Indo-Gangetic plain and spread in rural and semi-urban areas and this network has helped the bank in reaping benefits of demonetization.
The banks business crossed a historical landmark of Rs.10 lakh crore with 47 percent share of CASA in domestic deposit.
Source: ANI
