Net interest income for the bank grew 24.2% to Rs 1,316.6 crore as against Rs 1,059.8 crore in the comparable quarter on the back of growth in advances and CASA.
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Punjab National Bank Ltd. report a profit of Rs 306 crore in the June quarter, which was 57 percent lower than the same period past year, according to the bank’s filing on the Bombay Stock Exchange.
Syndicate Bank said it has upgraded NPAs of Rs 220.42 crore and also made recoveries of Rs 444.70 crore. The bank has reported a almost three-fold rise in bad loans of Rs 32,334 crore as on June 2016.
The modest revenue growth was on account of muted growth in consumer care business, whose revenue rose to Rs 1,547.79 crore in June quarter, compare with Rs 1,539.59 crore in the year-ago quarter. PNB’s provisions in the quarter ended June stood at Rs 2,738 crore, down from almost Rs 10,500 crore in the previous quarter.
Interest earned decreased by 3.8 per cent to Rs 11,574.94 crore as against Rs 12,034.69 crore in the first quarter of the previous fiscal.
Asset quality for the bank, however, weakened in the quarter.
PNB has called Extra Ordinary General Meeting (EGM) on August 31 for issuance and allotment of such number of equity shares of face value of Rs 2 each to government on preferential basis to the tune of Rs 2,112 crore.
The government has made allocation of Rs 2816 crore of capital in two tranches.
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“HCC’s order backlog, with an improved market share, is over Rs 21,500 crore in view of the government’s renewed thrust on infrastructure…operating profit at Rs 172.5 crore compared to Rs 178.4 crore”, it said in a press release.
