PNB profit surges 4-fold, ‘NPAs reducing for 5 quarters’

Punjab National Bank (PNB) has reported a four-fold increase in net profit to Rs 1,756 crore for the September quarter, the highest in 14 quarters. The increase was attributed to a decline in provisions and contingencies, higher interest income, and improved asset quality. PNB’s MD & CEO, Atul Kumar Goel, stated that the bank’s provision coverage ratio had improved and fresh slippage in non-performing assets was less than 1% of advances. Additionally, there was no significant pressure on interest rates due to higher cost of deposits.