PNB Q2 results: Profit falls 18% to Rs 621 crore

PNB Q2 results: Profit falls 18% to Rs 621 crore

Punjab National Bank NSE -1.79 % on Tuesday reported an 18% fall in net profit for the September quarter due to a rise in provision to cover bad loans and Covid-related risk even as its net interest margin improved.

The country's second-largest state-owned lender posted a net profit of Rs 621 crore for the quarter under review compared with Rs 757 crore in the year-ago period. The bank's operating profit grew 7% at Rs 5675 crore on nearly flat business growth.

Provision against bad loans was Rs 3811 crore against Rs 3253 crore for the same period.