State-owned Punjab National Bank (PNB) on Wednesday reported a 307 percent year-on-year (YoY) rise in net profit to Rs 1,255 crore for the quarter ended 30 June, 2023 (Q1FY24). The public sector lender had reported a net profit of Rs 308 crore in the year-ago period.
PNB's interest earned in June quarter surged 34 percent YoY to Rs 25,145 crore in comparison with Rs 18,757 crore in the same quarter last fiscal.
The lender's net interest income (NII) for the reporting quarter came in at Rs 9,504.3 crore, up 26 percent, compared with Rs 7,542.8 crore in the corresponding quarter of last year.
Provisions (other than tax) and contingencies fell 17 percent to Rs 3,965 crore in the June quarter as against Rs 4,790 crore in the same quarter last year.
Provisions for bad loans came down to Rs 4,374 crore in the reporting quarter as against Rs 4,814 crore in the year-ago period.
The gross non performing assets (NPAs) ratio improved to 7.73 percent in the first quarter, down from 8.74 percent in the fourth quarter of the previous fiscal, and down 22 percent in the June quarter of last year.
Net NPAs ratio too improved to 1.98 percent as against 2.72 percent on a sequential basis.
The capital adequacy ratio of the bank improved to 15.54 percent at the end of June compared to 14.82 percent in the year-ago period.
Shares of PNB were trading 0.60 percent lower at Rs 60.35 apiece in Wednesday's afternoon deals. The stock has gained 20 percent in the last one month, while it has rallied 90 percent in the last one year.
First Published: Jul 26, 2023 1:54 PM IST
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