PNB Q1profit declines 58%

New Delhi, July 28

Having posted a record loss of Rs 5,367 crore in the earlier quarter, PNB today reported a 58% decline in net profit to Rs 306 crore for April-June period of the current fiscal on account of rising bad loans.

The bank had a net profit of Rs 721 crore during the corresponding period of the previous fiscal.

During the quarter, provision towards non-performing assets (NPAs) have jumped almost three-fold to Rs 3,620 crore from Rs 1,291 crore in the same period a year ago.

The gross NPAs rose significantly to 13.75% at the end of June 2016, from 12.9% in the year-ago period. The net NPAs, too, rose to 9.16% against 8.61% in June 2015.

In absolute terms, the gross NPAs of the bank more than doubled to Rs 56,654.09 crore from the year-ago levels. pti