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PNB back in black with ₹586 crore net profit in March quarter – Mint

PNB back in black with 586 crore net profit in March quarter

Mumbai: State-owned lender Punjab National Bank (PNB) on Friday reported standalone net profit of 586.33 crore for the quarter ended March 31, 2020 on the back higher net interest income and other income. The bank had reported a loss of 697.20 crore in the year ago quarter.

A Bloomberg poll of 6 analysts had estimated a profit of 627.30 crore.

Net interest income — the difference between interest earned and interest expended rose 48.32% to 6,937.55 crore for the quarter ended 31 March. It was 4,677.54 crore in the same quarter a year earlier.

Non-interest income rose 47.95% to 3,742.20 crore for the March quarter.

Provisions fell 4.39% during the March quarter to 4,686.04 crore against 4,901.31 crore in the corresponding quarter last year.

Gross non-performing assets (NPAs) as a percentage of total loans fell to 14.12% in the March quarter, as compared to 14.21% a year ago and 12.99% in the previous quarter.

Net non-performing assets (NPAs) fell at 5.73% from 5.78% in the same quarter last year and 4.03% in the previous quarter.

As of March 31, 2021, the Capital Adequacy Ratio (CAR) of the lender stood at 14.32%.

“The current coronavirus situation continues to be uncertain and the Bank is evaluating the impact on an ongoing basis. The extent to which the covid-19 pandemic will impact the Bank’s results will depend on future developments, which are highly uncertain including among other things, the success of vaccination drive,” the lender said in a filing.

Total Deposits at the end of March quarter grew 57.10% to 11.06 trillion as compared with 7.04 trillion in the year-ago period and advances rose 42.80% y-o-y to 6.74 trillion.

Shares of PNB closed lower by 1.37% at 43.10 on NSE, while the benchmark index, Nifty lost 0.13% to close at 15,670.25 points.

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