PNB's Q3 profit surges three-fold to over Rs. 2,200 crore
Punjab National Bank (PNB) has reported a significant increase in its profit for the quarter ended December 2023. The bank's net profit increased to Rs. 2,223 crore, more than three times the Rs. 629 crore earned during the same quarter in 2022. Between October-December, PNB's total income also grew substantially, reaching Rs. 29,962 crore in comparison to Rs. 25,722 crore in Q32022. PNB's shares closed Rs. 104.50, up 2.25% from yesterday.
PNB's interest income and gross NPAs show improvement
PNB's interest income saw a notable rise during the third quarter, amounting to Rs. 27,289 crore, up from Rs. 22,384 crore year-on-year. The lenders gross non-performing assets (NPAs) decreased to 6.24% of gross loans by the end of December 2023, down from 9.76% a year earlier. This increase in interest income and reduction in NPAs highlight PNB's positive growth trajectory.
Net NPAs decline as PNB continues upward trend
PNB also reported a significant drop in its net NPAs or bad loans, which fell to 0.96% from 3.30% of the total loans disbursed at the end of the third quarter of 2022. This decline in both gross and net NPAs suggests that PNB is effectively managing its loan portfolio and maintaining a strong financial position. As a result, the bank continues to exhibit an upward trend in profitability and overall performance. It has gained over 108% in one year.
