Punjab National Bank Q4 results: Key highlights from the earnings

PNB's net interest income rose 30.05 percent on-year to Rs 9,499 crore in Q4FY23 and Rs 34,492 crore in FY23.

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New Delhi-based public sector lender Punjab National Bank (PNB) on May 19 reported a standalone net profit of Rs 1,159 crore, up 473.6 percent on a year-on-year basis (y-o-y).

Moneycontrol brings to you the highlights of the bank’s earnings report card:

Rise in profit

On a year-on-year (YoY) basis, PNB recorded a 473.6 rise percent rise in net profit at Rs 1,159 crore from Rs 201.57 crore in the corresponding quarter of the previous financial year.

Net interest income (NII), the difference between interest earned and spent, rose 30.05 percent on-year to Rs 9,499 crore in Q4FY23 and Rs 34,492 crore in FY23.

Improvement in asset quality

The asset quality of the bank improved in the reporting quarter, with gross non-performing assets (NPA) improving by 304 basis points (bps) on year to 8.74 percent as on March 2023, from 11.78 percent as on March 2022.
Whereas, the net NPA ratio improved by 208 bps on-year to 2.72 percent as on March 2023, from 4.80 percent as on March 2022.

In absolute terms, gross NPA was at Rs 77,328 crore as on March 2023 as against Rs 92,448 crore as on March 2022, declining by 16.36 percent on-year.

Meanwhile, net NPA was at Rs 22,585 crore as on March 2023, as against Rs 34,909 crore year-ago, a decline of 35.30 percent on-year.

Global deposits grew by 11.77 percent on-year to Rs 12.81 crore as on March 2023. Savings deposits increased to Rs 4.64 lakh crore as on March 2023 from Rs 4.52 lakh crore as on March 2022.

Current deposits were at Rs 74,028 crore as on March 2023, and CASA Share (Domestic) stands at 43.0 percent as on March 2023.

Lending

Global Advances grew by 12.68 percent on-year to Rs 8.85 lakh crore as on March 2023. Core Retail Advances grew 15.21 percent on-year to Rs 1.37 lakh crore as on March 2023.

Housing loans increased by 10.92 percent on a year-on-year basis to Rs 81,863 crore. Vehicle loan increased by 30.62 percent on YoY basis to Rs 16,478 crore. Personal Loan increased by 48.87 percent on YoY basis to Rs 18,152 crore. Agriculture Advances grew by 14.34 percent on YoY basis to Rs 1,42,105 crore in March’23. MSME Advances grew by 4.12 percent on YoY basis to Rs 1,30,178 crore in March’23.

Capital Adequacy

CRAR improved from 14.50 percent as on March’22 to 15.50 percent as on March’23. Tier-I is at 12.69 percent (CET-1 was at 11.22 percent, AT1 was at 1.47 percent) and Tier-II is at 2.81 percent as at March’23.