Punjab National Bank’s net down by Rs.723 crore

Chennai, Feb 9 (IANS) Government-owned Punjab National Bank (PNB) closed its third quarter of the current fiscal with a drastic Rs.723.55 crore fall in its net profit.

In regulatory filing in BSE, PNB said it posted a net profit of Rs.51.01 crore for the quarter ended December 31, 2015, whereas the same was at Rs.774.56 crore for the quarter ended December 31, 2014.

The total income is Rs.13,891.20 crore for the quarter ended on December 31, 2015 whereas the same was Rs.12,904.85 crore for the quarter ended on December 31, 2014.

The provisions went up to Rs.3,775.53 crore during the third quarter this fiscal up from Rs.1,467.77 crore provided during the quarter ended December 31, 2014.

The PNB’s non-performing assets (NPA) stood at Rs.22,983.40 crore as on December 31, 2015 up from Rs.13,787.76 crore as on December 31, 2014.

According to PNB, it has recognised deferred tax assets amounting to Rs.1132.04 crore which was hitherto recognised as at the year-end, in accordance with the applicable Accounting Standards.

Accordingly, figures of previous corresponding reporting periods are not comparable.

The bank’s scrip got traded at Rs.89.70 during the day down from the previous day’s closing price of Rs.94.35.

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