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PNB posts Rs 492 crore loss in December quarter on higher NPA provisions

In previous September quarter, bank earned a profit of Rs 507.05 crore; bank made provisions worth Rs 4,445.36 crore during Q3 FY20, 73.5 per cent per cent higher than Rs 2,565.77 crore in Q2 FY19

twitter-logoBusinessToday.In | June 10, 2020 | Updated 11:07 IST
PNB posts Rs 492 crore loss in December quarter on higher NPA provisions
PNB posted a profit of Rs 246.51 crore in the corresponding quarter last fiscal

Punjab National Bank reported a standalone net loss of Rs 492.28 crore in the quarter ended December 31, 2019. The state-owned lender had posted a profit of Rs 246.51 crore in the corresponding quarter last fiscal. In the previous September quarter, the bank had a profit of Rs 507.05 crore. Total income during the quarter under review was at Rs 15,967.49 crore as against Rs 14,854.24 crore in the year-ago same period, PNB said in a regulatory filing. Interest earned during the quarter stood at Rs 13,834.9 crore, whereas interest expended was Rs 9,366.88 crore.

The bank made provisions worth Rs 4,445.36 crore during Q3 FY20, 73.5 per cent per cent higher than Rs 2,565.77 crore in Q2 FY19. CRAR (Capital adequacy ratio) as per Basel III improved to 14.04 per cent in December 2019 from 10.52 per cent in December 2018-19, the lender said. The bank's domestic deposits increased 9.4 per cent YoY to Rs 6,89,694 crore in December 2019. As per PNB, its retail credit saw 13.6 per cent  YoY growth to  Rs 97,400 crore in December 2019. "Housing loan grew by 20.4 per cent YOY to Rs 58,201 crore in December 2019," the lender said.

PNB also saw a slight improvement in its asset quality during the December quarter. Gross non-performing assets (NPAs) as a percentage of total advances declined to 16.30 per cent on an annual basis in Q3 FY20 from 16.33per cent on Q3 FY19. Net NPAs as a percentage of total advances also declined year-on-year during the quarter ended December 2019 to 7.18 per cent from 8.22 in the year-ago period. Meanwhile, PNB stock was trading at Rs 58.70 on the BSE, up 2.35 per cent, on Tuesday.

Also read: PNB posts Rs 507 crore net profit in September quarter; asset quality improves


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