State-owned Punjab National Bank (PNB) today reported a 12.09 per cent increase in net profit at Rs 343.40 crore during the April-June quarter, helped by lower provisions for bad loans. The bank had posted a net profit of Rs 306.36 crore during the corresponding quarter of the previous fiscal. Total income stood at Rs 14,468.14 crore during the three months to June, up 7.36 per cent, as against Rs 13,475.41 crore a year ago, PNB said in a BSE filing.
Gross non-performance assets (NPAs) as proportion of advances declined marginally to 13.66 per cent compared to 13.75 per cent at the end of June last year. Net NPAs also came down to 8.67 per cent, from the earlier 9.16 per cent. During the quarter under review, provision for bad loans fell by 19.14 per cent to Rs 2,559.71 crore, compared with Rs 3,165.67 crore a year earlier. The stock of PNB was trading at Rs 159.55, up 1.30 per cent, on the BSE in afternoon trade.