The Punjab National Bank MD and CEO SS Mallikarjuna Rao on Friday said that an increase of 25-30 basis points in interest rates can be expected from the next month. Air India’s dues of about ₹4000 crores have been recovered, he said.
As currently, the interest rates of banks are at their lowest, the PNB MD told the news agency ANI, “expect an increase of 25-30 basis points in interest rates from next month.”
“Air India’s dues of about ₹4000 crores have been recovered. All the outstanding amount from Air India has been paid off,” he added.
Meanwhile, the shares of Punjab National Bank (PNB) on Friday gained over 3 per cent after the company reported a two-fold jump in standalone net profit for the third quarter ended December.
The stock jumped 3.16 per cent to ₹42.40 on the BSE. At the NSE, it gained 3.03 per cent to ₹42.40.
Punjab National Bank on Thursday reported a two-fold jump in standalone net profit to ₹1,126.78 crore for the third quarter ended December, as bad loans marginally declined.
The country’s second-largest public sector lender had earned a net profit of ₹506.03 crore in the year-ago period.
However, total income during October-December 2021 declined to ₹22,026.02 crore, as against ₹23,298.53 crore a year ago, PNB said in a regulatory filing.
On the asset quality front, the bank witnessed slight improvement by cutting its gross non-performing assets (NPAs) as a percentage of gross advances to 12.88 per cent from 12.99 per cent by the same period a year ago.
In absolute value, gross NPAs stood at ₹97,258.67 crore by the end of December 2021, as against ₹94,479.33 crore in the year-ago period.
However, the net NPA ratio rose to 4.90 per cent ( ₹33,878.56 crore), from 4.03 per cent ( ₹26,598.13 crore).
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