PNB Q3 profit up by 5.5% at Rs 1,150 crore

Punjab National Bank (PNB) registered a 5.5% increase in its net profit at Rs 1,150 crore in the third quarter of the current fiscal. The net profit in the corresponding quarter last year was Rs 1,090 crore. HT reports.

Punjab National Bank (PNB) registered a 5.5% increase in its net profit at Rs 1,150 crore in the third quarter of the current fiscal. The net profit in the corresponding quarter last year was Rs 1,090 crore.

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The dip in profit growth is due to high provisioning apart from higher cost of funds and interest outgo.

"Our operating profit has gone up but since our provisioning has gone up too, it has had an impact," KR Kamath, chairman and managing director, PNB said on Tuesday.

While the bank's gross NPAs stood at 2.4% compared to 2.0% in the previous year, net NPA was at 1.1% against 0.7% last year. PNB, which has an exposure of Rs 435 crore to Kingfisher Airlines, has declared it as an NPA.