After a couple of years of struggle especially after the Nirav Modi led PNB fraud case, the state-run Punjab National Bank have started showing positive sustained growth. PNB reported a net profit of Rs 586.33 crore for Q4FY21.
The bank had reported a net loss of Rs 697.20 crore for the corresponding quarter of the previous fiscal. According to experts, the last year’s loss was an aftereffect of the huge financial fraud that happened a couple of years ago.
“Net profit stood at Rs 2,022 crore during FY21. Operating profit increased Y-o-Y by 28.4 per cent to Rs 22,980 crore during FY21,” the company said in the result statement.
Besides, net interest income grew YoY by 1.9 per cent to Rs 6,938 crore during Q4FY21 and by 17 per cent to Rs 30,477 crore during FY21.
“Total income stood at Rs 22,532 crore during Q4 FY21 and at Rs 93,562 crore during FY21.”