Punjab National Bank Reports Surprise Quarterly Profit On Lower Provisions

The profit came on account of a sharp drop in provisions for bad loans. The provisions declined 67 per cent to Rs 2,565.77 crore versus Rs 7,733.27 crore in the previous quarter. "We are back in (the) black, after 100 per cent provisions for all our commitments," PNB chief executive Sunil Mehta said in an earnings briefing. He also said the recovery of about Rs 16,000 crore in the quarter helped the bank improve its performance. ...