Punjab National Bank, on Friday, registered a 11.6 per cent drop in net profit to Rs.1,065 crore on account of rise in non-performing assets (NPAs) or bad loans in the July-September quarter, against Rs.1,205 crore in the year-ago period. Bank Chairman, K. R. Kamath told journalists here that the results were not as per expectations.
The NPAs as a percentage of total assets rose to 2.69 per cent in the July-September quarter, from 0.84 per cent during the same period a year ago. In absolute terms, net NPA of the bank jumped to Rs.7,883.43 crore from Rs.2,088.51 crore. During the quarter under review, the bank’s provisioning towards NPAs stood at Rs.1,140 crore against Rs.319 crore.
For the half-year ended September 30, 2012, the bank PNB reported a net profit of Rs.2,311 crore, a muted growth over Rs.2,310 crore in the year-ago period.
