PNB’s provisions for bad loans were Rs3,363 crore in the December quarter, lower than Rs3,767 billion a year earlier, but higher than Rs2,218 crore reported in the September quarter. Photo: Pradeep Gaur/ MintMumbai: Punjab National Bank (PNB), India’s fifth-biggest lender by assets, reported on Tuesday a surge in third-quarter profit on lower provisions for bad loans, but the profit fell short of analysts’ expectations. Net profit rose to Rs207 crore for the three months to 31 December from Rs51 crore a year ago, the state-run lender said in a stock exchange filing. Analysts on average had expected a net profit of Rs6.29 billion, according to data compiled by Thomson Reuters. Provisions for bad loans were Rs3,363 crore in the December quarter, lower than Rs3,767 crore a year earlier, but higher than Rs2,218 crore reported in the September quarter.

Source: Mint February 07, 2017 07:52 UTC