Punjab National Bank (PNB) on Tuesday reported a 93.41 per cent decline in net profit at Rs 51.01 crore for the third quarter ended December 31, on account of higher provisioning for bad loans.
PNB, the country’s second-largest public sector bank by assets had reported net profit of Rs 774.58 crore for the October-December quarter of the 2014-15 fiscal.
The total income increased to Rs 13,891.2 crore for the quarter ended December, up 7.64 per cent, from Rs 12,904.85 crore in the same quarter last financial year.
Gross NPAs as a percentage to total advances rose to 8.47 per cent from 5.97 per cent in the same quarter an year ago.
Net non-performing assets (NPAs) went up to 5.86 per cent from 3.82 per cent at the end of December 2014, the bank said.
Total provisions, excluding for income tax, made during the third quarter of 2015-15 grew by over two and a half fold to Rs 3,775.53 crore as against Rs 1,467.77 crore in the year-ago period.
Reacting to the bank’s quarterly numbers, PNB’s shares declined by 4.56 per cent to Rs 90.05 on BSE.