Punjab National Bank (PNB) net down 11.6% as Non-performing Assets (NPA) provisioning rises.
State-owned Public sector lender Punjab National Bank (PNB) on Friday posted 11.57 percent decline in its net profit at Rs 1,066 crore for the quarter ended September, compared with Rs 1,205 crore in the same period last year. The drop came on account of an increase in provisioning towards non-performing assets (NPAs).
During July-September, provisioning towards NPAs stood at Rs 1,140 crore, against Rs 319 crore in the same period of the previous financial year. Net NPAs of the Delhi-based bank increased from Rs 2,088 crore at the end of September 2011 to Rs 7,933 crore at the end of September 2012. As percentage of total assets, net NPAs were 2.7 per cent this year against Rs 0.84 per cent last year.