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PNB posts 145% growth in net profit because of sharp fall in provisioning
The Morning Standard
|October 29, 2024
STATE-owned Punjab National Bank (PNB) on Monday reported stellar second quarter numbers with net profit of the bank increasing 145% year-on-year to ₹4,303 crore due to a sharp fall in provisioning.
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In the same quarter the previous year, the bank had reported ₹1,756 crore in profit after tax.
Provisioning (other than taxes) during the quarter fell 92% year-on-year to ₹288 crore compared to ₹3,444 crore in the corresponding period last year.
Net Interest Income (NII) of the bank increased to ₹10,517 crore during the quarter from ₹9,923 crore a year ago, showing an improvement of 5.99% on YoY basis.
This story is from the October 29, 2024 edition of The Morning Standard.
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