India’s Second Largest Bank Punjab National Bank (PNB) has declared the weak half yearly results with net profit Down by 11.6% as compared to previous year. Non Performing Assets (NPA) level of bank rises which was the main reason. Currently almost all the Public Sector Banks are expecting their Net Profit down due to high NPA level. Total Provisioning for PNB stood at rs 1140 Cr with Net profit of Rs 1066 crores as compared to previous year of Rs 1205 crores.
Punjab National Bank (PNB) Gross NPAs during the second quarter rose to 4.66 per cent from 2.05 per cent in the same period last fiscal. Gross NPA stood at Rs 14,023 crore, up from Rs 5,150.11 crore in the same period last fiscal. The net NPAs jumped to Rs 7,883.43 crore from Rs 2,088.51 crore a year ago.
Net NPA level of PNB is stood at 2.7% as on 30th Sept 2012.