Public sector Punjab National Bank (PNB) posted a net profit of Rs 506.03 crore in the third quarter of the current fiscal. The bank’s profits have increased as a result of reduced credit. The bank had posted a net profit of Rs 492.28 crore in the same quarter last fiscal. Total income of the bank rose to Rs 23,298.53 crore in the quarter under review, PNB said in a stock exchange filing on Friday.
501.93 crore last year.
The bank’s consolidated net profit for the third quarter (October-December) of 2020-21 (October-December) was Rs 585.77 crore. 501.93 crore in the same quarter of the previous year. Total income for the quarter under review stood at Rs 23,639.41 crore, compared to Rs 16,211.24 crore in the same quarter a year ago.
The central government will borrow Rs 12 lakh crore from the market
However, the PNB said the most recent results could not be compared to the October-December quarter of 2019-20, as the figures were pre-merger at the time. United Bank of India and Oriental Bank of Commerce merger effective April 1, 2020 PNB’s asset quality has improved. The Bank’s total debt (NPA) for the quarter ended December 2020 was 12.99 per cent, up from 16.30 per cent a year ago.
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