PNB posts 7% YoY rise in Q3 profit at Rs 247 crore

NEW DELHI: State-run Punjab National Bank on Tuesday reported a 7.12 per cent year-on-year (YoY) jump in net profit at Rs 246.51 crore for the December quarter, beating Rs 9,800 crore loss estimated by analysts in an ET Now poll by a mile. The bank had reported Rs 230.11 crore profit in the year-ago quarter.Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, came in at Rs 4,289 crore for the quarter, largely in line with ET Now poll estimate of Rs 4,242 crore.Gross non-performing assets (NPAs) eased to 16.33 per cent for the quarter from 17.16 per cent in September quarter. The company 's NPAs stood at 12.11 per cent in the year-ago quarter.The bank made Rs 2,753.84 crore worth of provisions and contigencies in the December quarter, compared with Rs 9757.90 crore in September quarter and Rs 4,466.68 crore in the year-ago quarter.At 12.46 pm, the scrip was trading 2.12 per cent higher at Rs 74.70 on BSE.

from Economic Times http://bit.ly/2UGIfGB