MUMBAI: Punjab National Bank reported a net profit of Rs 586 crore for quarter ended March 2021 as compared to a loss of Rs 697 crore in the corresponding quarter last year.
For the full year, the bank reported a net profit of Rs 2,022 crore compared to Rs 336 crore in corresponding quarter last year.
The amalgamation of Oriental Bank of Commerce and United Bank of India came into effect on 1st April 2020 and figures are not comparable.
If the audited numbers of three banks were aggregated the loss for the third quarter in the previous year would stand at Rs 10,127 crore while the full-year loss would have been Rs 8,311 crore.
Announcing the results, the bank’s MD CH SS Mallikarjuna Rao said the bank ended the year with a deposit of Rs 11,06,332 crore while advances rose to 6,74,.230 crore.
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