<p>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.</p>.<p>The country's second largest lender had posted a net profit of Rs 1,018.63 crore during the corresponding April-June period of 2019-20.</p>.<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 Oriental Bank of Commerce and United Bank of India with itself effective April 1, 2020.</p>.<p>"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'21," the bank said in a separate statement.</p>.<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>.<p>On the assets front, the lender'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>.<p>Net NPAs declined to 5.39 per cent as against 7.17 per cent earlier.</p>.<p>However, provisions for bad loans more than doubled to Rs 4,836.40 crore from Rs 2,147.13 crore.</p>.<p>Provision Coverage Ratio (PCR) improved to 80.75 per cent from 70.37 per cent.</p>.<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>
<p>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.</p>.<p>The country's second largest lender had posted a net profit of Rs 1,018.63 crore during the corresponding April-June period of 2019-20.</p>.<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 Oriental Bank of Commerce and United Bank of India with itself effective April 1, 2020.</p>.<p>"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'21," the bank said in a separate statement.</p>.<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>.<p>On the assets front, the lender'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>.<p>Net NPAs declined to 5.39 per cent as against 7.17 per cent earlier.</p>.<p>However, provisions for bad loans more than doubled to Rs 4,836.40 crore from Rs 2,147.13 crore.</p>.<p>Provision Coverage Ratio (PCR) improved to 80.75 per cent from 70.37 per cent.</p>.<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>