PNB Q1 result surprise! Punjab National Bank logs Rs 1,019 crore profit

Punjab National Bank (PNB) on Friday reported a surprise profit of Rs 1,018.63 crore for the quarter ended June 30. In the corresponding quarter last year, the public sector lender had reported a loss of Rs 940 crore. The provisions and contingencies declined sharply by 64.86 per cent on a yearly basis to Rs 2,023.31 crore over Rs 5,758.16 crore. 

PNB shares performed well on BSE today. They were trading 2.95 per cent higher at Rs 68 after the announcement of quarterly results, while the benchmark BSE Sensex was almost flat at 37,882 at around 3.58 pm. 

As of June 30, Bank's provision coverage ratio stood at 74.63%. However, asset quality deteriorated with percentage of gross non-performing assets (NPA) rising to 16.49 per cent against 15.50 per cent on a quarterly basis. 

The Net NPA increased to 7.17% from 6.56% during the same period. The bank's gross NPAs declined to Rs 77,267.29 crore from Rs 82,888.79 crore. 
Net interest income declined to 11.73% on a yearly basis to Rs 4,141.36 crore. Where the figure stood at Rs 4,691.86 crore in the same period last year.