Punjab National Bank (PNB) reported a surprise net profit of Rs 246.5 crore for the December quarter. This implies a jump of 7 percent from Rs 230 crore that the bank posted during the same quarter of last year.
The net interest income (NII) rose around 8 percent at Rs 4,290 crore against Rs 3,989 crore that the lender reported last year.
On the asset quality front, gross non-performing assets (NPAs) stood at Rs 77,733 crore against Rs 81,251 crore that was reported during the previous quarter. Net NPAs have fallen to Rs 35,675 crore from Rs 38,279 crore last year.
Gross NPA ratio fell to 16.33 percent for the quarter under review against 17.16 percent last quarter. The net NPA ratio fell to 8.22 percent from 8.9 percent in the previous quarter.
Provisions stood at Rs 2,754 crore against Rs 9,758 crore in the last quarter. Last year, it had reported provisions of Rs 4,467 crore.
The bank further informed that it has written back a provision of Rs 163 crore for its IBC accounts. It has made a provision of Rs 2,014 crore in relation to a fraud.