New Delhi, Nov 2 (PTI) Punjab National Bank (PNB) on Monday reported a 22 per cent jump in net profit to Rs 620.81 crore for the second quarter ended September 30.

The state-owned lender had posted a net profit of Rs 507.05 crore during the corresponding quarter a year ago.

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The bank's total income during July-September rose to Rs 23,438.56 crore as against Rs 15,556.61 crore in the year-ago period, PNB said in a regulatory filing.

Gross non-performing assets accounted for 13.43 per cent of the gross advances at the end of September, lower than 16.76 per cent a year ago.

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Net non-performing assets (NPAs) declined to 4.75 per cent, compared with 7.65 per cent a year ago.

However, provisions for bad loans rose to Rs 3,811.17 crore in the quarter, against Rs 3,253.32 crore in July-September 2019.

Oriental Bank of Commerce and United Bank of India merged with PNB, effective April 1, 2020.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)