PNB's quarterly profit drops by 70% to Rs308 crore

29 Jul 2022 , 08:07 AM

The state-owned Punjab National Bank (PNB) stated on Thursday that its standalone net profit for the three months ending in June fell by 70% to Rs308.44 crore.

At the same time last year, the bank reported a net profit of Rs1,023.46 crore. The same was Rs201.57 crore in the March quarter.

The first quarter of the current fiscal year saw a decrease in total revenue to Rs21,294 crore. According to a regulatory filing, it was Rs22,515 crore during the same time last year. The lender’s interest income decreased from Rs18,921 crore in the same quarter last year to Rs18,757 crore this quarter.

By June 2022, the gross non-performing assets (NPAs) had decreased from 14.33% of the gross advances from the previous year to 11.2% of the gross advances. In March 2022, it stood at 11.78%.

Gross non-performing assets, often known as bad loans, decreased from Rs1,04,075.56 crore to Rs90,167.10 crore at the end of the first quarter of FY23. The net NPA also decreased, falling to 4.26% from 5.84% at the same time the year before.

In comparison to Rs1,168.33 crore a year ago, the bank posted a net profit of Rs281.73 crore on a consolidated basis for the quarter that ended in June.

The bank’s five subsidiaries and fifteen associates are included in its consolidated financial results. The bank’s capital adequacy ratio dropped from 15.19% at the same time last year to 14.62% at the end of June.