Punjab National Bank reported a standalone net profit of Rs586 crore for the quarter ended March 31, 2020. The same for the precedingquarter was Rs 506 crore. It is worthwhile to note that the standalone lossduring the corresponding period last year was Rs 697 crore.
The profit of the once-ailing bank rose by 16% on a sequentialbasis.
Also, the net interest income (which is the differencebetween interest earned though lending and interest paid to depositors)increased by 48.3%. The latest figure is Rs 6,938 crore vs Rs 4,677 crore inthe same quarter a year back.
Even though the net non-performing assets (NPAs) of thecompany were at 5.73%, the NPAs increased to 14.12% vs 12.99% in the previousquarter.
The total income of the bank during the quarter was Rs22,531 crore vs Rs 16,388 in the same period a year ago.
The bank also made provisions for NPAs to the tune of Rs5,293 crore which shows an increase of 15% on a year-on-year basis.
And, as on March 31, 2021 the Capital Adequacy Ratio (CAR)of the bank was 14.32%.
The bank in its filing claimed that the performance of thebank is dependent on the pandemic COVID and how the vaccination drive goesalong.