Mumbai: Punjab National Bank (PNB) swung to a net profit in the third-quarter of this fiscal, helped by lower provisioning for bad loans, after three consecutive quarters of losses. Profit at the second-largest state-run bank rose 7.2% to ₹246.5 crore in the three months ended 31 December, from ₹230 crore a year earlier, according to a regulatory filing. It had reported a provisioning of ₹7,733 crore in the September quarter during which it had reported a net loss of ₹4,532 crore. Simultaneously, the government infused capital in state-run banks to improve their financial health. The government, which announced capital infusion of ₹2.1 trillion in state-run banks in October 2017, has so far injected more than ₹1.2 trillion.

Source: Mint February 05, 2019 08:47 UTC