PNB said the latest results could not be compared to the October-December quarter of 2019-20 as the figures at the time were pre-merger.
If the account is in a bank, then it is important to know what is the financial position of your bank. Today we will tell you about the financial position of Punjab National Bank.
Public sector Punjab National Bank (PNB) reported a profit of Rs 506 crore in the third quarter of the current financial year. The bank’s profit has increased due to the reduction in stuck debt. Earlier, the bank had a net loss of Rs 492.28 crore in the same quarter of the financial year 2019-20. PNB said that the bank’s total income increased to Rs 23,298.53 crore in the quarter under review from Rs 15,967.49 crore in the third quarter of 2019-20 a year ago.
The bank’s profit stood at Rs 585.77 crore in the third quarter (October-December) of 2020-21. Earlier in the same quarter of the financial year, the bank had a net loss of Rs 501.93 crore. Integrated income stood at Rs 23,639.41 crore in the quarter under review, compared to Rs 16,211.24 crore in the same quarter of 2019-20 a year ago.
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However, PNB said that the latest results cannot be compared to the October-December quarter of 2019-20 as the figures at the time were pre-merger.
The merger of United Bank of India and Oriental Bank of Commerce into PNB came into effect from April 1, 2020. PNB’s asset quality has improved. The bank’s total debt (NPA) stood at 12.99 per cent of gross debt in the quarter ended December 2020 as compared to 16.30 per cent in the same quarter a year ago.
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