Mandiri Punjab National Bank (PNB) Net profit fell 66 percent year to year to 201 RS CRORE in January-March when the lender put aside RS 325 Crore due to fraud.Profit provider of state -owned loans in the same quarter last year was RS 586 Crore. PNB, on Wednesday, reported a net profit of 3,457 CRORE RS for FY22 compared to RS 2,022 Crore’s profit posted a year ago.
PNB has used dispensation from the Bank of India (RBI) Reserve for the delay in providing 1,302.41 Crore Hospital in connection with the fraud that was announced during the quarter. “Of this number a number of 325.61 Crore hospitals have been charged to the profit & loss account during the quarter,” said the lender in the submission of the exchange.
In March, lenders reported loan fraud in the amount of 2,060.14 Crore Rs in the NPA account from IL & FS Tamil Nadu Power.The total PNB revenue during January-March 2022 was RS 21,095 Crore compared to Rs 21,386 Crore a year ago, PNB said in submitting exchanges. Interest income lending during this quarter is slightly lower in Rs 18,645 Crore compared to Rs 18,808 Crore which was reported last year. However, net interest income rose to 7,305 Crore RS from RS 6,957 Crore in the same quarter last year.
The quality of bank assets shows an increase with gross -performance assets as a percentage of dirty progress dropped to 11.78 percent from 14.12 percent a year ago. The gross NPA in October-December 2021 was 12.88 percent. NPA Clean established at 4.80 percent from 5.73 percent a year ago and 4.90 percent quarter ago.On the basis of consolidation, the bank recorded RS 245 Crore’s profit in January-March as contrary to the RS 546 CRORE earnings reported in the same quarter last year.
Group consolidated financial results include financial results from five subsidiaries and 15 colleagues, he said.The lender said the impact of Pandemi Covid-19 remains uncertain because the new variant and the main challenge for banks will emerge from eroding cash flows and extended working capital cycles. However, the bank said that he was preparing on all lines to meet this challenge.