State-run Punjab National Bank on Tuesday reported a seven percent year-on-year (YoY) jump in net profit at Rs 246.5 crore for the third quarter ended December 2018, driven by fall in provisions.

CNBC-TV18 Polls had predicted a loss of Rs 1,073 crore for the quarter under review.

In the corresponding quarter last year, the company posted a net profit of Rs 207 crore.

The bank's total income, fell by 2.64 per cent to Rs 14,854.24 crore for the quarter under review from Rs 15,257.5 crore in the year-ago quarter.

Its net NPAs, however, came down to 8.22 percent from 8.90 percent at the end of December 2017, PNB said in a BSE filing.

Total provisions, excluding for income tax, made during the third quarter of the current financial year were Rs 2,753.84 crore as against Rs 4,466.68 crore in the year-ago period.

Out of which, provisioning for bad loans stood at Rs 2,565.77 crore as against Rs 2,996.42 crore reported during the third quarter of the previous fiscal.

At 01.06 PM IST, the shares of Punjab National Bank were trading at Rs 74.20, up 1.44 percent on BSE Sensex.

First Published:Feb 5, 2019 12:40 PM IST