State-owned lender Punjab National Bank (PNB) has reported Rs 1,023.5 crore profit in the April-June quarter. This is way above (over 200 per cent) than the Rs 308.5 crore profit reported in Q1 FY21.
The net interest income of the bank grew to Rs 7,226.6 crore in Q1 FY22, compared to Rs 6,781.5 crore reported in Q1 FY21. The gross non-performing assets of the bank fell 0.3 per cent to Rs 1.04 lakh crore, while the net NPA rose 35 per cent to Rs 38,580.6 crore.
The gross NPA grew 21 bps to 14.33 per cent, while net NPA rose 11 bps to 5.84 per cent in Q1 FY22.
"The extent to which the COVID-19 pandemic will impact the Bank's results will depend on future developments, which are highly uncertain including among other things, the success of vaccination drive. The major identified challenges for the Bank would arise from eroding cash flows and extended working capital cycles. The Bank is gearing itself on all the fronts to meet these challenges," the bank said in a statement.
The bank had posted a standalone profit of Rs 586.33 crore for the fourth quarter ended March, while its income during the March quarter rose to Rs 22,531.73 crore.
The PNB stock closed 3.54 per cent up at Rs 40.90 on Monday, compared to its previous day close of Rs 39.5 on the National Stock Exchange.
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