Punjab National Bank (PNB) is likely to sell Non Performing Assets (NPAs) worth Rs 1500 crore in July-September quarter. The bank had for the last couple of years, taken a conscious decision of not offloading a portion of its NPAs to ARCs.
The bank’s asset quality had taken a hit due to the slowdown in the economy. PNB’s financial performance in 2013-14 was weighed down by an increase in provisioning for NPAs and also depreciation in investments.
The bank posted a fall of 28.69% in its net profit at Rs 806.35 crore for the quarter ended March 31, 2014 as compared to Rs 1130.80 crore for the same quarter in the previous year. However, total income of the bank increased by 8.18% at Rs 12498.23 crore for quarter under review as compared to Rs 11552.84 crore for the quarter ended March 31, 2013.
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