PNB’s Q2 net profit at Rs 620.8 cr, asset quality improves

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Mumbai, Nov 2  Punjab National Bank (PNB) on Monday reported a net profit of Rs 620.81 crore for the July-September quarter.

During the same period last year, the bank had reported a net profit of Rs 507.05 crore. However, the merger of Oriental Bank of Commerce and United Bank of India with PNB had not taken place then, so, the figures are not comparable, PNB said in a regulatory filing. The amalgamation came into effect on April 1 this year.

Its gross non-performing asset at the end of the quarter ended September stood at 13.43 per cent, compared to 16.76 per cent during the same period of the last financial year when the merger did not take place.

The state-run bank’s interest income during the period under review stood at Rs 20,945.84 crore.