PNB reports Rs.507 cr net profit in July-September quarter
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New Delhi, Nov. 6 -- State-owned Punjab National Bank (PNB) on Tuesday posted a net profit of '507.05 crore in the quarter to September against a '4,532.35 crore loss a year ago on the back of a decline in provisioning for bad loans.
However, the lender posted a higher profit of Rs.1,018.63 crore in the preceding three months. "In June-end we had over Rs.1,000 crore profit. If you look at the segments where fraud has been declared, there was a requirement of provisioning to be done. That's why there has been a change in profitability. But still, considering the amount of provisioning that we have done, it has been a good performance," said S.S. Mallikarjuna Rao, managing director and chief executive of PNB.
Provisions during the quarter...
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