PNB net profit jumps four-fold

NEW DELHI: State-owned Punjab National Bank (PNB) on Wednesday posted a four-fold surge in standalone net profit at Rs 1,255 crore in the April-June quarter, mainly due to decline in bad loans and improvement in interest income. The bank had posted a net profit of Rs 308 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 28,579 crore as against Rs 21,294 crore, PNB said in a regulatory filing. The lender's interest income also increased to Rs 25,145 crore from Rs 18,757 crore in the same quarter a year ago. The gross Non Performing Assets (NPAs) declined to 7.73 per cent of the gross advances by June 2023 from 11.2 per cent a year ago.