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Punjab National Bank Q3 Results: Net profit jumps three times, asset quality improves
Public sector lender Punjab National Bank(PNB) on January 25 reported a net profit of Rs 2,222.8 crore for the December quarter of the financial year (FY) 2023-24, up 253.49 percent from the year-ago period. The bank's gross non-performing asset (NPA) stood at 6.24 percent, down from 9.76 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.96 percent, improving from 3.30 percent on a year-on-year basis. At 2.50 pm, the stock was trading nearly 0.84 percent up at Rs 102 apiece on BSE. The bank's net interest income (NII) increased by 12.13 percent YoY to Rs 10,293 crore in Q3 FY24 and operating profit was at Rs 6,331 Crore during Q3 FY’24 grew by 10.75 percent on a YoY basis. PNB credit cost improved by 61 bps to 1.26 percent in Q3 FY’24 from 1.87 percent in Q3 FY’23. New Delhi-based bank provision coverage ratio (PCR) has improved by 911 bps on a YoY basis to 94.28 percent as of December’23. The slippage ratio improved YoY by 136 bps to 0.81 percent as of December’23. Global Business increased by 10.82 percent on a YoY basis to Rs 22,90,742 Crore as of December’23. Moreover, CASA deposit increased to Rs 5,47,516 Crore as of December 2023 from Rs 5,16,534 Crore as of December 2022 registering a growth of 6.0 percent on YoY basis. The Bank has 10,108 domestic branches out of which and 12,455 ATMs and 29,768 BCs as on December 31, 2023. Source - Money Control
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