Punjab National Bank (PNB) on July 26 reported a 307 percent rise in net profit at Rs 1255.41 crore for the April-June quarter of FY24 as against Rs 308.44 crore a year ago.
The public-sector lender's gross non-performing assets (GNPA) declined to 7.73 percent from 11.2 percent in this period and the net non-performing assets (NNPA) fell to 1.98 percent from 4.28 percent.
The net interest income of the bank, difference between interest earned and interest expended, was reported at 9504 crore in the April-June quarter compared with Rs 7543 crore in the year-ago quarter.
New Delhi-based bank's Provision Coverage Ratio improved by 679 bps on YoY basis to 89.83 percent as on June’23 from 83.04 percent as on June’22.
The slippage ratio improved to 1.19 percent in Q1 FY24 from 3.75 percent in Q1FY’23. Housing loan increased by 12.5 percent on YoY basis to Rs 83,893 Crore. Moreover, vehicle loans increased by 27.1 percent on YoY basis to Rs 17,093 Crore and personal loans increased by 46.4 percent on YoY basis to Rs 18,940 Crore.
Savings deposits increased to Rs 4,64,004 Crore as on June’23 from Rs 4,47,258 Crore as on June’22.
Bank has currently, 10080 domestic branches which comprise 3898 rural (39%), Semi-Urban: 2456 (24%), Urban 1998 (20%) Metro: 1728 (17%) and 2 International Branches.
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PNB is one of the largest bank in India.Now its stock price will be increased after result
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