Punjab National Bank (PNB) on Thursday, October 26, reported 327% year-on-year (YoY) rise in net profit at ₹1,756 crore for the September quarter compared with ₹411.27 crore in the corresponding quarter of the last financial year. This surpassed CNBC-TV18's poll estimate of ₹1,229.4 crore.
The bank's net interest income (NII) also exceeded expectations, standing at ₹9,923 crore, compared to CNBC-TV18's poll of ₹9,491.8 crore.
PNB's provisions for the quarter amounted to ₹3,444, showing a reduction compared to the previous quarter and the same period the previous year, indicating a positive trend.
The gross non-performing assets (NPAs) ratio dropped to 6.96% as of September 30, down from 7.73% in the previous quarter, and significantly lower than the 10.48% recorded in the same period of the previous financial year. In absolute terms, gross NPAs were reported at ₹65,563.12 crore by the end of Q2FY24.
Similarly, net NPAs demonstrated an improvement, decreasing to 1.47% from 1.98% in the previous quarter and a drop from the 3.8% recorded in the same quarter last year. PNB's net NPAs were reported at ₹13,114.12 crore as of September 2023.
Furthermore, the bank's return on assets saw a substantial increase, jumping from 0.34% in the previous quarter to 0.48% in the last quarter, showcasing a positive trajectory in its financial performance. Additionally, the debt-to-equity ratio of PNB decreased to ₹0.76 in Q2 from ₹0.91 in the September 2022 quarter, indicating a stronger financial position.
At the time of writing this report, PNB's shares were trading lower at ₹68.51 apiece on BSE, showing a 1.35% decline.
(Edited by : Amrita)
First Published: Oct 26, 2023 1:55 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
