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State-owned Punjab National Bank on Friday reported a net profit of Rs 506 crore for the quarter ended December 31, 2020 (Q3FY21). Sequentially, the profit declined 18.5 per cent. The lender had posted a profit of Rs 621 crore in the previous quarter (Q2FY21), and a standalone loss of Rs 492.28 crore during the corresponding period last year (Q3FY20).

The Delhi-based lender’s net interest income — the difference between interest earned through lending and interest paid to depositors — grew 90 per cent year-on-year to Rs 8,313 crore for the period under review. It had been Rs 4,355 crore during the same period a year earlier (Q3FY20). The NII had been Rs 8,393 crore during the September quarter.

The bank’s gross non-performing assets (NPAs) reduced to 12.99 per cent for the December quarter of this financial year, compared with 13.43 per cent in the previous quarter. Meanwhile, its net non-performing assets (NPAs) stood at 4.03 per cent

=The total income of the lender came in at Rs 23,298 crore during the quarter, against Rs 15,967 crore in the same period a year earlier. Its total expenses in Q3FY21, meanwhile, stood at Rs 16,907 crore.

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