Punjab National Bank Q2 net profit slips 11.5% to Rs 549 crore

New Delhi: State-owned Punjab National Bank today reported a 11.5 percent fall in net profit at Rs 549.36 crore for the second quarter ended September 30 on rise in provisions for bad loans.

PNB net profit stood at Rs 621.03 crore during the July-September quarter last fiscal.

"Total income increased to Rs 14,218.27 crore for the quarter ended September 30, 2016 from Rs 13,701.93 crore for the same quarter a year earlier," the bank said in a regulatory filing.

Total interest, however, earned by PNB in the three-month period fell by 4.16 per cent to Rs 11,830.36 crore from Rs 12,345.03 crore a year earlier.

During the quarter, provisions for bad loans increased 34.6 per cent to Rs 2,533.76 crore from Rs 1,882.08 crore in the year-ago period.

Gross NPAs as a proportion of total advances moved up 13.63 per cent during the second quarter as against 6.36 per cent in the corresponding period last fiscal. Net NPAs also rose 9.10 percent as against 3.99 per cent in the quarter under review.

Shares of the bank closed at Rs 131.60 apiece on the BSE on Friday.