Punjab National Bank on Friday reported twofold rise in its standalone net profit to Rs 4,508 crore for the third quarter ended on December 31, 2024. The bank had earned a net profit of Rs 2,223 crore in the October-December quarter of the previous 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.
On the asset quality front, the bank's gross non-performing assets ratio moderated to 4.09 percent from 6.24 percent a year ago. Similarly, net NPAs, or bad loans, came down to 0.41 percent from 0.96 percent at the end of the third quarter last fiscal. As a result, provisions for bad loans came down significantly to Rs 318 crore during the quarter from Rs 2,994 crore a year ago.
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