New Delhi: India's second largest state-run lender Punjab National Bank (PNB) posted a net profit of Rs 507.05 crore for the second quarter, against a loss of Rs 4,532.35 crore incurred in the corresponding quarter of last year, although the bank's latest performance comes amidst a weakening of its asset quality.
PNB's non-interest income during the quarter in consideration shot up 32.5% to Rs 2,264.7 crore and pre-provision operating profit grew 25.4% to Rs 3,562 crore compared to the same period last year.
Net interest income during the July-September quarter increased 7.3% year-on-year (YoY) to Rs 4,263.8 crore, with credit de-growth of 0.7% YoY. Deposits in the second quarter increased 7% YoY. Intra-day, PNB shares were trading lower on the bSE at Rs 64.60 a share, or down by 5.28% on its previous close .
