Public sector lender Punjab National Bank (PNB) on Wednesday (October 4) said it has reported 9.7 percent year-on-year growth in its total deposits in the September quarter, amounting to Rs 13.1 lakh crore, compared to Rs 11.9 lakh crore in the previous year.
Releasing its business update for the second quarter of 2023, Punjab National Bank reported a year-on-year increase in current account savings account (CASA) deposits, with a 2.6 percent growth rate.
Total business at PNB witnessed a significant surge, posting an 11.3 percent year-on-year increase, reaching a total of Rs 22.5 lakh crore, as compared to the previous year's figure of Rs 20.2 lakh crore.
CASA deposits reached Rs 5.4 lakh crore, compared to Rs 5.2 lakh crore in the same period last year. CASA deposits are considered a cost-effective source of funds for banks.
The global gross advances saw an increase of 13.8 percent, reaching Rs 9.4 lakh crore, compared to the previous year's figure of Rs 8.3 lakh crore. Similarly, domestic advances recorded a robust 13.9 percent year-on-year growth, totalling Rs 9.1 lakh crore, compared to Rs 8 lakh crore in the previous year.
The CASA ratio, a critical metric for banks, showed positive performance at 72.18 percent, reflecting an increase from the previous year's 69.56 percent and a quarter-on-quarter ratio of 70.64 percent.
Shares of Punjab National Bank ended at Rs 79.80, down by Rs 3.41, or 4.10 percent, on the BSE.
