Punjab National Bank (PNB) reported a substantial 2.5x year-on-year surge in its standalone net profit to Rs 4,303.5 crore for the quarter ending September 2024, compared with Rs 1,756.1 crore in the same period a year earlier. The jump in profit was helped by an over Rs 3,150-crore fall in new provisions recorded during the quarter, while the interest income surged and asset quality improved.
The PSU bank’s NII for the July-September quarter rose by 6 percent year-on-year to Rs 10,517 crore, up from Rs 9,923 crore last year.
PNB share price jumped after the results announcement, and was trading above Rs 100 on NSE, up nearly 5 percent from the previous close.
The new provisions and contingencies recorded during the quarter fell sharply to just Rs 288 crore from Rs 3,444.2 crore, boosting the public sector lender’s bottomline.
PNB's gross NPA ratio improved to Rs 4.48 percent at the end of September, from 4.98 percent at the end of June. Net NPA ratio too improved to 0.48 percent from 0.6 percent in the preceding quarter.
Additionally, PNB’s Return on assets (ROA) also improved to 1.02 percent, compared to 0.46 percent a year earlier. Further, the bank’s capital adequacy ratio under Basel III improved, with Common Equity Tier 1 (CET1) reaching 11.59 percent, up from 10.23 percent last year.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
