February 6, 2018 / 7:16 AM / 6 months ago

India's Punjab National Bank Q3 net profit rises 11 pct, lags estimates

Feb 6 (Reuters) - Punjab National Bank, India’s fourth-largest lender by assets, reported third-quarter net profit rose 11 percent as its proportion of bad loans to total loans fell, although the profit increase was smaller than expected.

Net profit was 2.3 billion rupees ($35.8 million) for the three months to Dec. 31, compared with 2.07 billion rupees a year ago, the state-run bank said on Tuesday. bit.ly/2s7UcvE

Twenty one analysts on average had expected a net profit of 5.37 billion rupees, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans fell to 12.11 percent at end-December, from 13.31 percent in the previous quarter and 13.70 percent a year earlier. ($1 = 64.2450 Indian rupees) (Reporting by Krishna V Kurup and Vishal Sridhar in Bengaluru, Editing by Edwina Gibbs)

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