PNB posts standalone net profit of Rs 1,019 cr in Q1

Punjab National Bank (PNB) (Reuters Photo)

State-owned Punjab National Bank (PNB) on Friday returned to black as it posted a standalone net profit of Rs 1,018.63 crore in the first quarter of this fiscal.

Bank had posted a net loss of Rs 940 crore during the corresponding April-June period of 2018-19.

In the last quarter of fiscal ended March 2019, the bank had registered a net loss of Rs 4,749.64 crore.

Total income rose to Rs 15,161.74 crore during the June quarter of 2019-20, as against Rs 15,072.41 crore in the same quarter of previous fiscal, the bank said in a regulatory filing.

On the assets front, bank's gross non-performing assets fell to 16.49 per cent of gross advances at the end of June 2019, as against 18.26 per cent of gross advances at the end of June 2018.

Net NPAs or bad loans were at 7.17 per cent as against 10.58 per cent year ago.

The stocks of PNB were trading at Rs 67.75, higher by 2.57 per cent over its previous close on BSE. 

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