Punjab National Bank Q1 net profit up 12% YoY

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New Delhi: Public sector lender Punjab National Bank (PNB) on Wednesday posted a 12 per cent YoY increase in net profit to Rs 343.40 cr for the April-June quarter ended against Rs 306.36 cr in the corresponding quarter previous year.

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Net interest income (NII) of the bank grew 4.22 per cent to Rs 3855.13 crore in first quarter as against Rs 3,698.97 crore in similar quarter previous year. Shares of Punjab National Bank was trading 1.52 per cent rise to Rs 159.90.

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The scrip commenced at Rs 159.95 and touched a high and low of Rs 162 and Rs 157.80, correspondingly. Benchmark BSE Sensex was downward 16 points, or 0.05 per cent, at 32,559. Asset quality of the lender remained stable.

Percentage of gross non-performing assets augmented to 13.66 per cent in first quarter against 12.53 per cent in similar quarter previous year. Net NPAs grew to 8.67 per cent against 7.81 per cent Quqrter-on-Quarter.

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The figure was at 9.16 per cent in first quarter of previous year. Provisions and contingencies declined 54.66 per cent QoQ to Rs 2,608.71 crore in Q1FY18 over Rs 5753.51 crore in Q4FY17.

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