Standalone net profit drops 66% to Rs 201 crore

Standalone net profit drops 66% to Rs 201 crore

PNB’s total income during January-March 2022 was Rs 21,095 crore as against Rs 21,386 crore a year ago, PNB said in an exchange filing. The lender’s interest income during the quarter was marginally lower at Rs 18,645 crore as against Rs 18,808 crore reported last year. However, its net interest income rose to Rs 7,305 crore from Rs 6,957 crore in the same quarter last year.

State-owned Punjab National Bank (PNB) on Wednesday detailed 65.69 percent decrease in its standalone  net profit at Rs 201 crore for the final quarter ended 31 March, 2022. The lender had revealed a net profit of Rs 586 crore in the year-prior period. The bank’s net interest income (NII), rose 5% to Rs 7,304 crore in the quarter under review from Rs 6,957 crore in a similar quarter last financial. In March, the lender had reported borrowal fraud of Rs 2,060.14 crore in NPA record of IL&FS Tamil Nadu Power.

The bank’s asset quality showed an improvement with gross non-performing assets as a percentage of gross advances dropping to 11.78 per cent from 14.12 per cent a year ago. Gross NPAs in October-December 2021 were 12.88 per cent. Net NPAs stood at 4.80 per cent from 5.73 per cent a year ago and 4.90 per cent a quarter ago.

On a consolidated basis, the bank recorded a profit of Rs 245 crore in January-March as as against a profit of Rs 546 crore reported in the same quarter a year ago.

The consolidated financial results of the group include financial results of five subsidiaries and 15 associates, it said.

The lender said impact of Covid-19 pandemic remains uncertain due to new variants and the major challenge for the bank would arise from eroding cash-flows and extended working capital cycles. However, the bank said it is gearing itself on all the fronts to meet these challenges.

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