Punjab National Bank (PNB) Tuesday posted 7.12 per cent increase in net profit at Rs 246.51 crore for its third quarter ended December 31, 2018, driven by lower provisioning for bad loans. PNB, which which was involved in a Rs 14,356-crore scam by Nirav Modi, had reported net profit of Rs 230.11 crore for the corresponding quarter a year ago. The bank's total income, fell by 2.64 per cent to Rs 14,854.24 crore for the quarter under review from Rs 15,257.5 crore in the year-ago quarter. Total provisions, excluding for income tax, made during the third quarter of the current financial year were Rs 2,753.84 crore as against Rs 4,466.68 crore in the year-ago period. Out of which, provisioning for bad loans stood at Rs 2,565.77 crore as against Rs 2,996.42 crore reported during the third quarter of the previous fiscal.

Source: dna February 05, 2019 07:30 UTC