Punjab National Bank's net profit for the second quarter of the current financial year (July to September 2023) is Rs 1,756.13 crore. This is a significant increase from the net profit of Rs 411.3 crore reported in the same quarter of the previous financial year.
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| PNB net profit this year |
A statement issued by the bank said
Public sector laggard Punjab National Bank (PNB) reported a 4-fold increase in net profit in the September quarter.
The bank reported a net profit of Rs 1,756.13 crore in the 2nd quarter of the current financial year from last July to September.
This is about 4 times more than the same quarter of the previous financial year 2022-23. At that time the net profit of the bank was Rs.411.27 crore. The increase in interest income in the September quarter due to higher interest rates contributed to this net profit growth.
Interest income of the bank increased by 31 per cent to Rs 26,355 crore during the assessment quarter. It was Rs 20,154 crore a year ago.
The report stated that the total bad debt has been reduced from 10.48 percent at the end of the 2nd quarter of the last financial year to 6.96 percent in the same period of the current year.