Punjab National Bank reported 57 per cent fall in net profit at Rs 306.36 crore for the quarter ended June 30, 2016 against Rs 720.71 crore in the corresponding quarter a year ago. For the sequential quarter ended March 31, 2016, it had reported a net loss of Rs 5,367.14 crore. Total income of Punjab National Bank jumped by 3.71 per cent year-on-year to Rs 13930 crore. Net interest income of the bank declined by 9.83 per cent to Rs 3699 crore during the quarter under review against Rs 4102.47 crore in the same quarter last year. Brokerage House ICICI Securities was expecting first quarter net profit of Rs 1,089.20 crore from Punjab National Bank.
Amount of gross non-performing assets of bank jumped by 123 per cent year-on-year to Rs 56654.09 crore for the quarter ended June 2016 against Rs 25397.42 crore in the corresponding quarter a year ago.
The company’s net NPAs stood at 9.16 per cent in the quarter under review as compared to 8.16 per cent for the sequential quarter ended March 31, 2016.
Provisions and contingencies of the bank jumped 51 per cent year-on-year to Rs 2736.38 crore against Rs 1811.39 crore in the corresponding period last fiscal.
At 12.51 pm, PNB shares were trading 1.58 per cent down at Rs 130.65.