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Punjab National Bank posts YOY increase in fiscal Q1 net profit

Punjab National Bank reported a year-over-year increase in net profit for the fiscal first quarter ended June 30 to 3.43 billion rupees from 3.06 billion Indian rupees.

EPS for the quarter climbed to 1.61 rupees from 1.56 rupees.

Interest earned for the quarter grew to 121.36 billion rupees from 115.75 billion rupees, while income on investments increased to 34.04 billion rupees from 27.85 billion rupees.

Total income rose to 144.68 billion rupees from 134.75 billion rupees. Operating profit climbed to 32.17 billion rupees from 28.20 billion rupees.

Provisions and contingencies for the quarter totaled 26.09 billion rupees, up from 22.84 billion rupees in the prior-year quarter.

The bank's gross nonperforming assets ratio was 13.66% as of June 30, compared to 12.53% at March 31 and 13.75% at June 30, 2016. Its net NPA ratio for the period was 8.67%, up from 7.81% at the end of March, but down from 9.16% in the prior-year period.

As of June 30, the bank's Basel III capital adequacy ratio stood at 11.64%, compared to 11.66% at March 31 and 11.58% at June 30, 2016. Its common equity Tier 1 ratio for the period was 7.91%, compared to 7.87% at March 31 and 8.08% at June 30, 2016

As of Aug. 1, US$1 was equivalent to 64.07 Indian rupees.