{"id":16862,"date":"2020-08-23T00:29:38","date_gmt":"2020-08-23T00:29:38","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=16862"},"modified":"2020-08-23T00:29:38","modified_gmt":"2020-08-23T00:29:38","slug":"net-profit-plunges-70-to-rs-308-crore-bfsi-news-et-bfsi","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=16862","title":{"rendered":"Net profit plunges 70% to Rs 308 crore, BFSI News, ET BFSI"},"content":{"rendered":"<p><\/p>\n<div>NEW DELHI: State-owned <a href=\"https:\/\/bfsi.economictimes.indiatimes.com\/tag\/punjab+national+bank\">Punjab National Bank<\/a> (PNB) on Friday reported a <a href=\"https:\/\/bfsi.economictimes.indiatimes.com\/tag\/standalone+net+profit\">standalone net profit<\/a> of Rs 308 crore for the quarter ended June even as provisions for bad loans doubled.<\/p>\n<p>The country&#8217;s second <a href=\"https:\/\/bfsi.economictimes.indiatimes.com\/tag\/largest+lender\">largest lender<\/a> had posted a net profit of Rs 1,018.63 crore during the corresponding April-June period of 2019-20.<\/p>\n<p>While the figures show a drop of 70 per cent, the bank in a regulatory filing said the results are not comparable as it merged <a href=\"https:\/\/bfsi.economictimes.indiatimes.com\/tag\/oriental+bank+of+commerce\">Oriental Bank of Commerce<\/a> and <a href=\"https:\/\/bfsi.economictimes.indiatimes.com\/tag\/united+bank+of+india\">United Bank of India<\/a> with itself effective April 1, 2020.<\/p>\n<p>&#8220;Operating profit of the bank grew by 2.5 per cent on a YOY basis to Rs 5,280 crore in the first quarter of FY&#8217;21,&#8221; the bank said in a separate statement.<\/p>\n<p>Total income rose to Rs 24,292.80 crore during the June quarter of 2020-21, as against Rs 15,161.74 crore in the same period of the previous fiscal.<\/p>\n<p>On the <a href=\"https:\/\/bfsi.economictimes.indiatimes.com\/tag\/assets+front\">assets front<\/a>, the lender&#8217;s gross non-performing assets (NPAs) fell to 14.11 per cent of gross advances at the end of June 2020, as against 16.49 per cent at the end of June 2019.<\/p>\n<p>Net NPAs declined to 5.39 per cent as against 7.17 per cent earlier.<\/p>\n<p>However, provisions for bad loans more than doubled to Rs 4,836.40 crore from Rs 2,147.13 crore.<\/p>\n<p>Provision Coverage Ratio (PCR) improved to 80.75 per cent from 70.37 per cent.<\/p>\n<p>During the quarter, the bank availed dispensation for deferment of provision in respect of frauds amounting to Rs 1,693.68 crore as per RBI guidelines, it added. <\/p>\n<\/div>\n<p><script async defer crossorigin=\"anonymous\" src=\"https:\/\/connect.facebook.net\/en_US\/sdk.js#xfbml=1&#038;version=v4.0\"><\/script><script>\n  !function(f,b,e,v,n,t,s)\n  {if(f.fbq)return;n=f.fbq=function(){n.callMethod?\n  n.callMethod.apply(n,arguments):n.queue.push(arguments)};\n  if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\n  n.queue=[];t=b.createElement(e);t.async=!0;\n  t.src=v;s=b.getElementsByTagName(e)[0];\n  s.parentNode.insertBefore(t,s)}(window, document,'script',\n  'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\n  fbq('init', '905994023094530');\n  fbq('track', 'PageView');\n<\/script><br \/>\n<br \/><a href=\\\"https:\/\/bfsi.economictimes.indiatimes.com\/news\/banking\/77686990?utm_source=RSS&#038;utm_medium=ETRSS\\\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI: State-owned Punjab National Bank (PNB) on Friday reported a standalone net profit of Rs 308 crore for the quarter ended June even as provisions for bad loans doubled. The country&#8217;s second largest lender had posted a net profit of Rs 1,018.63 crore during the corresponding April-June period of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16863,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-16862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/08\/pnb-q1-results-net-profit-plunges-70-to-rs-308-crore.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/16862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16862"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/16862\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/16863"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}