PNB Q4 net profits spikes nearly six-fold to Rs 1,159 crore

The lender said its net interest income (NII) came in at Rs 9498.75 crore, registering a growth of 30.04 percent

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Punjab National Bank (PNB) on May 19 reported a standalone net profit for the quarter ended March at Rs 1158.61 crore, up 474.79 percent from Rs 201.57 crore in the same quarter last year.

The lender said its net interest income (NII) came in at Rs 9498.75 crore, registering a growth of 30.04 percent year on year (YoY) from Rs 7304.13 crore.

The board of the bank recommended a dividend of 65 paise per equity share for FY22-23.

Global net interest margin (NIM) of the bank improved by 48 bps on YoY basis to 3.24 percent in Q4 from 2.76 percent.

Gross NPA (non performing assets) ratio improved by 304 bps on YoY basis to 8.74 percent while net NPA ratio improved by 208 bps on YoY basis to 2.72 percent. Provision Coverage Ratio improved by 530 basis points on YoY basis to 86.90 percent from 81.60 percent.

The bank said its credit cost declined by 73 bps on YoY basis to 1.72 percent during the quarter.

Global deposits grew by 11.77 percent on YoY basis to Rs 12,81,163 crore as of March end. Global advances grew by 12.68 percent on YoY basis to Rs 8,84,681 crore.