2 March 2024

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PNB

Check Out PNB Q1 Results: Net profit increases by 307%

On July 26, Punjab National Bank (PNB) announced a 307 percent increase in net profit to Rs 1255.41 crore for the April-June quarter of FY24, compared to Rs 308.44 crore the previous year.

The gross non-performing assets (GNPA) of the public-sector lender fell to 7.73 percent from 11.2 percent over this period, while the net non-performing assets (NNPA) fell to 1.98 percent from 4.28 percent.

PNB’s stock was trading at Rs 61.35 a share on the BSE at 2.00 p.m., 1.78 percent higher/lower than the previous day’s close.

The bank’s net interest income, defined as the difference between interest received and interest expenditure, was recorded at Rs 9504 crore in the April-June quarter, up from Rs 7543 crore in the previous quarter.

Provision Coverage Ratio

The Provision Coverage Ratio of the New Delhi-based bank increased by 679 basis points year on year to 89.83 percent in June’23, up from 83.04 percent in June’22.

PNB

The slippage ratio decreased from 3.75 percent in Q1 FY23 to 1.19 percent in Q1 FY24. YoY, housing loans increased by 12.5 percent to Rs 83,893 crore. Furthermore, auto loans climbed by 27.1 percent year on year to Rs 17,093 crore, while personal loans increased by 46.4 percent year on year to Rs 18,940 crore.

Savings deposits increased from Rs 4,47,258 Crore in June’22 to Rs 4,64,004 Crore in June’23.

Read more: Tejas Networks falls 8% as net loss increases due to rising costs

PNB Branches in India

Currently, the bank has 10080 domestic branches, of which 3898 are rural (39%), 2456 are semi-urban (24%), and 1998 are urban (20%). 1728 (17%) in the metro area, with 2 international branches.