Punjab National Bank quarter 4 profit jumps nearly three-fold to Rs 3,010 crore

NEW DELHI: State-owned Punjab National Bank (PNB) on Thursday posted a nearly three-fold increase in net profit to Rs 3,010 crore for the fourth quarter ended March 2024, aided by improvement in core income and decline in bad loans. The bank had earned a net profit of Rs 1,159 crore in the same quarter a year ago.
The total income increased to Rs 32,361 crore during the quarter under review, as against Rs 27,269 crore in the same period last year, PNB said in a regulatory filing.
Interest income grew to Rs 28,113 crore during the period under review, 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.