PNB Q1 results: Net profit slumps 70% YoY to Rs 308 cr

Punjab National Bank (PNB) on Thursday reported 69.8 per cent year-on-year (YoY) plunge in its standalone net profit at Rs 308 crore for the quarter ended 30 June, 2022. The public sector lender had reported a net profit of Rs 1,023 crore in the year-ago period. 

PNB's interest earned in June quarter also decline to Rs 18,757 crore in comparison with Rs 18,929 crore in the same quarter last fiscal. 

Moreover, lender's provisions and contingencies stood at Rs 4,790 crore versus Rs 4,979 crore a year ago. 

In asset quality front, PNB's June-quarter gross NPA declined marginally quarter-on-quarter (QoQ) to 11.27 per cent versus 11.78 per cent in the previous quarter(Q4FY22), while its net NPA fell to 4.28 per cent in Q1FY23 as against 4.8 per cent in the previous quarter.

The lender's June-quarter provisions for NPAs increased to Rs 4,814 crore versus Rs 3,248 crore a year ago. 

Shares of PNB on Thursday closed 1.87 per cent higher at Rs 32.60 apiece on BSE.