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PNB posts Q2 profit of ₹621 crore

Aided by lower provisioning for bad debts, PNB, on Monday, reported a standalone net profit of ₹621 crore for the second quarter ended September 30. This was more than double the net profit of ₹308 crore recorded in first quarter of this fiscal.

It may be recalled that the country’s second-largest public sector bank had, from April 1, this year amalgamated two PSBs – Oriental Bank of Commerce and United Bank of India – with itself.

For the second quarter ended September 30, 2019, PNB had recorded net profit of ₹507 crore. The latest Q2 performance is not comparable with the same quarter last fiscal in view of the three-way amalgamation from April 1 this year, PNB said in a filing with the stock exchanges.

For the six months ended September 30, 2020, PNB has reported a net profit of ₹929 crore. The bank had recorded a net profit of ₹1,526 crore in same period last fiscal.

For the second quarter ended September 30,2020, PNB had recorded a total income of ₹23,439 crore, lower than ₹24,293 crore in the first quarter of this fiscal. PNB had recorded total income of ₹15,557 crore in second quarter last fiscal.

Operating profit for the quarter under review came in at ₹5,675 crore, higher than ₹5,280 crore in first quarter. In second quarter last fiscal, the operating profit stood at ₹3,562 crore.

Provision for bad debts in the second quarter stood at ₹3,811 crore, much lower than ₹4,836 crore in the first quarter this fiscal. In the second quarter last fiscal, PNB had provided ₹3,253 crore towards bad debts.

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