PNB reports profit at Rs 1,019 crore for June quarter

Punjab National bank (PNB) today declared its financial results for the June quarter Financial year 2020. The public sector bank reported a net profit of Rs 1,018.63 crore for the quarter ended June 30, 2019 (Q1FY20) compared to the Rs 940 crore loss it reported during the corresponding quarter in the previous financial year.

Provisions for the quarter stood at Rs 2,463 crore, which is Rs 2,672 crore less compared to Rs 5,135 crore in the year-ago period. Operating profit stood at Rs 3,481 crore compared to Rs 4,195 crore in the same period the previous year. 

The bank's gross non-performing assets (NPAs) increased to 16.49 percent compared to 18.26 percent in the same period a year ago. Net NPA fell to 7.17 percent compared to 10.58 percent in the year-ago period, according to the data released by the bank today. Basic diluted EPS (earnings per shares) was at Rs 2.21 against Rs minus 3.41 in the year-ago period.

There was 8.1 percent YoY growth in the domestic deposit of the bank. Net interest income was at Rs 4,141 crore compared to Rs 3,865 crore in the same quarter previous year.

The Net Interest Margin (Domestic) has been at 2.36 compared to 2.39.  The bank's share today ended 2.95 percent higher at Rs 68 on the BSE.