Millennium Post

Punjab National Bank posts net profit of Rs 308 cr in Q1 FY21

New Delhi: Punjab National Bank, India's second-largest public sector bank on Saturday announced its financial result for the Quarter ended June 30, 2020.

The bank recorded a Net profit of Rs 308 crore. Global Business of the bank reached Rs 17,96,612 crore. The amalgamation process is on course with the rollout of verticalized organizational structure, completion of harmonization of process, augmented capacity, capability, and outreach.

Operating profit grew by 2.5 per cent on a YOY basis to Rs 5,280 crore in Q1 FY'21. CRAR as on June 30, 2020, improved to 12.63 per cent. Gross NPA ratio is at 14.11 per cent as on June 20 as against 15.49 per cent in June 19.

Net NPA ratio reduced to 5.39 per cent as on June 20 down from 5.51 per cent as on March 20 and 6.97 per cent as on June 19. Provision Coverage Ratio (PCR) improved to 80.75 per cent as on June 20 from 70.37 per cent as on June 19. Internet Banking users crossed 233 Lakh.

UPI transactions increased by 76 per cent YOY to 19.16 crore. POS installed increased YOY by 17.78 per cent to 88,204. Bharat/BHIM QR Code installed increased YOY by 139 per cent to 1,73,958.

The bank has rolled out a verticalized organization structure to improve operational efficiency and provide steady growth momentum. Business and control functions have been segregated to have a focused approach for business development and improve customer service. Departmental Verticals at Head Office have been re-organized, and the number of Zonal Offices and Circle Offices have been increased to 24 and 161, respectively. 57 Customer Acquisition Centers for focusing on liability business from Corporates, Institutions, HNIs, NRIs including Wealth Management and Retail Business.

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