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PNB posts surprise Rs 1,019 crore profit in Q1 as provisions plunge 65% YoY

Punjab National Bank on Friday reported a surprise profit of Rs 1,018.63 crore for the quarter ended June 30 on the back of significant decline in provisions. The public sector lender had reported a loss of Rs 940 crore in the corresponding quarter last year. Provisions and contingencies declined sharply by 64.86% on a yearly basis to Rs 2,023.31 crore over Rs 5,758.16 crore. However, gross NPA rose to 16.49% against 15.50% on a quarterly basis. Net NPA increased to 7.17% from 6.56% during the same period. 

Read More at The Economic Times News date : 27 Jul 2019, Saturday

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