Punjab National Bank (PNB) is aiming to recover "a minimum of Rs 5,000 to 6,000 crore in the fourth quarter of FY25" to meet its ambitious target of Rs 18,000 crore for the fiscal year, after facing a slowdown in asset recovery during Q3, told CEO Ashok Chandra to Moneycontrol.
The bank’s overall recovery for the year to date has reached Rs 11,552 crore, falling short of expectations due to delays in the resolution of stressed assets via the National Company Law Tribunal (NCLT) and the National Asset Reconstruction Company Ltd. (NARCL), he said.
PNB's CEO addressed the issue, acknowledging that while the first two quarters of the year showed strong recovery trends, the Q3 performance was impacted by challenges in adhering to prescribed timelines for asset resolution.
He added, however, that the bank is taking strategic steps to bridge the gap and achieve its recovery targets in Q4.
PNB, on January 31, 2025, reported its financial results for Q3 FY25, where in its standalone net profit more than doubled, surging by 102 percent to Rs 4,508 crore, compared to Rs 2,223 crore in the same quarter last year. The total income of the bank increased to Rs 34,752 crore in the third quarter of the current fiscal from Rs 29,962 crore in the year-ago period, Punjab National Bank (PNB) said in a regulatory filing.
Shares of the bank jumped 5.54 percent on strong quarterly earnings to hit an intraday high of Rs 101.87 per share on the NSE.
During the quarter, the bank’s interest income rose to Rs 31,340 crore from Rs 27,288 crore in the same period last fiscal. The bank’s Net Interest Income (NII) grew 7.17 percent to Rs 11,032 crore as against Rs 10,293 crore in the same quarter of FY24.
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!
