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PNB Q1 net rises 12% to ₹343 cr

PNB Q1 net rises 12% to ₹343 cr

State-owned Punjab National Bank (PNB) on Wednesday reported an over 12 per cent rise in net profit at Rs 343.40 crore for the June quarter on robust retail income, better cost management and vigilance on stressed assets.

The country's second largest public sector bank had posted a net profit of Rs 306.36 crore in the corresponding April-June quarter of 2016-17.

"Our operation 'Parivartan' is to derive maximum benefit out of each of the transactions we are doing. Another factor for better performance is increase in retail and small sized loan demand.

"Third factor is cost consciousness, our cost of funds and cost of deposits have come down substantially," PNB Managing Director and Chief Executive Officer Sunil Mehta told reporters here.

Total income of the city-based bank rose to Rs 14,468.14 crore in the June quarter of 2017-18 from Rs 13,475.41 crore a year ago.

PNB also improved on its bad assets metrics, with gross non-performing assets (NPAs) dipping to 13.66 per cent of gross advances as on June 30, 2017 from 13.75 per cent a year earlier.

Agencies

Agencies

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