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PNB Q3 results: Net profit doubles to Rs 1,127 cr, NII falls 6.1%

PNB Q3 results: Net profit doubles to Rs 1,127 cr, NII falls 6.1%

However, total income during October-December 2021 declined to Rs 22,026.02 crore as against Rs 23,298.53 crore in the year-ago period.

Business Today Desk
Business Today Desk
  • Updated Jan 27, 2022 8:32 PM IST
PNB Q3 results: Net profit doubles to Rs 1,127 cr, NII falls 6.1%PNB Q3 results

Punjab National Bank (PNB) on Thursday reported a two-fold jump in standalone net profit at Rs 1,126.78 crore for the third quarter ended December, 2021. The state-owned bank had earned a net profit of Rs 506.03 crore in the year-ago period.

The lender's net interest income (NII) decline 6.1 per cent to Rs 7,803 crore in the quarter under review as compared to Rs 8,313 crore in the same quarter last fiscal.

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However, total income during October-December 2021 declined to Rs 22,026.02 crore as against Rs 23,298.53 crore in the year-ago period.

On the asset quality front, the bank witnessed slight improvement by cutting its gross non-performing assets (NPAs) as a percentage of gross advances to 12.88 per cent from 12.99 per cent by the same period a year ago.
In absolute value, gross NPAs stood at Rs 97,258.67 crore by the end of December 2021 as against Rs 94,479.33 crore by the year-ago same period.

However, the net NPA ratio rose to 4.90 per cent (Rs 33,878.56 crore) from 4.03 per cent (Rs 26,598.13 crore).

The provisions other than tax and contingencies declined to Rs 3,353.55 crore from the year-ago period's Rs 5,175.99 crore.

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The capital-to-risk weighted assets ratio (CRAR) as per Basel-III rose to 14.91 per cent at the end of the December 2021 quarter. Out of this, CET-I stood at 10.99 per cent.

On a consolidated basis, the bank recorded a profit of Rs 1,150.49 crore during the latest quarter as against a profit of Rs 585.77 crore in the same quarter a year ago.

The total income on a consolidated basis declined to Rs 22,275.40 crore, from Rs 23,639.41 crore in the October-December quarter of the previous fiscal.

The consolidated financial results of the Group include financial results of five subsidiaries and 15 associates, it said.

The lender further said the situation continues to be uncertain due to new coronavirus variants and the bank is evaluating the situation on an ongoing basis.

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"The extent to which the COVID-19 pandemic will impact the bank's results will depend on future developments.

"The major identified challenges for the bank would arise from eroding cash flows and extended working capital cycles. The bank is gearing itself on all the fronts to meet these challenges," it said.

Shares of PNB closed 4.31% higher at Rs 41.10 apiece on BSE today.
 

Published on: Jan 27, 2022 7:12 PM IST
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