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PNB Q3 profit up 4-fold at Rs 207cr, slippages down at Rs 4800cr
State-run lender Punjab National Bank ‘s profit increased four-fold to Rs 207.2 crore in October-December quarter compared with Rs 51.01 crore in same quarter last year. It was driven by other income and lower provisions.
Net interest income, the difference between interest earned and interest expended, fell 9.4 percent year-on-year to Rs 3,730.80 crore in October-December quarter, with negative loan growth of 1.8 percent at Rs 3.85 lakh crore.
Deposits growth for the quarter was 11.6 percent at Rs 6.12 lakh crore compared with Rs 5.48 lakh crore in corresponding quarter of last fiscal, the bank said in its filing. Currency demonetisation helped deposits grow in Q3.