Punjab National Bank Q2 profit rises by 13.81% to Rs 575 crore

Punjab National Bank (PNB) on Tuesday reported a 13.81 per cent increase in net profit at Rs 575.34 crore for the September quarter of the current fiscal.

In the year-ago period, the bank had reported a net profit of Rs 505.49 crore, PNB said in a filing to the Bombay Stock Exchange (BSE).

The state-run bank's total income increased to Rs 13,020.46 crore during the second quarter ended September 30, 2014, up 11.92 per cent from Rs 11,632.84 crore in Q2 last year.

The bank's asset quality deteriorated marginally with gross Non Performing Assets (NPAs) climbing to 5.65 per cent in the quarter under review from 5.48 per cent in April-June quarter.

Besides, net NPAs of PNB moved up to 3.26 per cent during the reporting quarter from the 3.02 per cent figure in Q1.

Shares of PNB were trading 2.86 per cent lower from its previous close, at Rs 929 per scrip on the BSE.