PNB records over Rs 300 crore net profit in Q1 2020
Public sector Punjab National Bank (PNB) reported a net profit of Rs 308 crore in the first quarter ended June of the current financial year. The country’s second largest bank made a net profit of Rs 1,019 crore in the same quarter of the previous financial year. In a communication sent to the stock markets, PNB said that these figures cannot be compared to the figures for the same quarter of the previous financial year, as the merger of Oriental Bank of Commerce and United Bank of India into PNB took effect from April 1, 2020.
The bank’s total income rose to Rs 24,293 crore during the quarter, from Rs 15,162 crore in the same quarter of the previous financial year. On the property front, the bank’s gross non-performing assets (NPAs) declined to 14.11 per cent at the end of June from 16.49 per cent in June 2019. Similarly, the bank’s net NPA decreased from 7.17 percent to 5.39 percent.
341 crore net profit to Union Bank
Public sector Union Bank of India has earned a consolidated net profit of Rs 341 crore in the first quarter of the current financial year ended June. The bank had reported a net profit of Rs 230 crore in the same quarter of the previous financial year. The merger of Andhra Bank and Corporation Bank with Union Bank came into effect from April 1, 2020. In a communication sent to the stock exchanges, the bank said its consolidated total income during the quarter stood at Rs 20,487 crore, compared to Rs 10,054 crore in the same quarter of the previous fiscal.
