PNB has announced its Q4 financial results.
PNB’s gross NPAs moderated to 5.73 per cent of gross advances as of March 31, 2024, from 8.74 per cent at the end of March 2023
PNB Q4 Results: Punjab National Bank (PNB) on Thursday posted a nearly three-fold surge in its net profit to Rs 3,010 crore for the fourth quarter ended March 2024, aided by improvement in core income and a decline in bad loans. Its total income during January-March 2024 increased to Rs 32,361 crore, compared with Rs 27,269 crore in the year-ago period.
The state-owned bank had posted a net profit of Rs 1,159 crore in the same quarter a year ago, according to a regulatory filing.
PNB’s interest income grew to Rs 28,113 crore during Q4FY24, from Rs 23,849 crore in the corresponding quarter a year ago.
On the asset quality side, the bank’s gross non-performing assets (NPAs) moderated to 5.73 per cent of gross advances as of March 31, 2024, from 8.74 per cent at the end of March 2023. Net NPAs also declined to 0.73 per cent of the advances, from 2.72 per cent at the end of 2023.
As a result, provision for bad loans declined to Rs 1,958 crore, as against Rs 3,625 crore earmarked during the same quarter a year ago. For the financial year ended March 2024, the bank’s net profit increased over three-fold to Rs 8,245 crore, as compared to Rs 2,507 crore in the previous fiscal.
Capital Adequacy Ratio (CRAR) improved to 15.97 per cent, over 15.50 per cent on March 31, 2023.
