State-owned lender Punjab National Bank (PNB) on Friday reported a standalone net profit of Rs 586.33 for the fourth quarter ended March 31, 2020, on the back of higher net interest income and other income. The bank had reported a loss of Rs 697.20 crore in the year-ago quarter.
A Bloomberg poll of 6 analysts had estimated a profit of Rs 627.30 crore.
Net interest income — the difference between interest earned and interest expended rose 48.32% to Rs 6, 937.55 crore for the quarter ended 31 March. It was Rs 4,677.54 crore in the same quarter a year earlier. Non-interest income rose 47.95% to Rs 3, 742.20 crore for the March quarter.
Provision fell 4.39% during the March quarter to Rs 4,686.04 against Rs 4,901.31 crore in the corresponding quarter last year. Gross non-performing assets (NPAs) as a percentage of total loans fell to 14.12% in the March quarter, as compared to 14.21% a year and 12.99% in the previous quarter.
Net non-performing assets (NPAs) as a percentage of total loans fell to 14.12% in the March quarter, as compared to 14.21% a year ago and 12.99% in the previous quarter. Net non-performing assets (NPAs) fell at 5.73% in the same quarter last year and 4.03% in the previous quarter.
As of March 31, 2021, the Capital Adequacy Ratio (CAR) of the lender stood at 14.32%.
“The current coronavirus situation continues to be uncertain and Bank is evaluating the impact on an ongoing basis. The extent to which the covid-19 pandemic will impact the Bank’s result will depend on future development, which are highly uncertain including among other things, the success of vaccination derive,” the lender said in a filing.
Total Deposits at the end of March quarter grew 57.10% to Rs 11.06 trillion as compared with Rs 7.04 trillion in the year-ago period and advances rose 42.80% year over year to Rs 6.74 trillion.