PNB Q2 Results: Net Profit Surges To Rs 1,756 Cr, NII Up By 20%

The state-owned Punjab National Bank (PNB) unveiled that its standalone net profit surged to Rs 1,756 crore during the quarter ending September 2023. This represents a remarkable growth of 327 per cent from the Rs 411 crore reported in the same quarter of the previous year.

The operating profit (prior to provisions and contingencies) saw a notable 12 per cent increase to Rs 6,216 crore in the current reporting period, in contrast to Rs 5,567 crore in the corresponding period of the preceding year.

Net interest income (NII) for the second quarter registered a 20 per cent year-on-year rise, reaching Rs 9,923 crore. This compares to Rs 8,271 crore in the same period last year.

Provisions for the second quarter experienced an almost 30 per cent year-on-year decline, amounting to Rs 3,444 crore, compared to Rs 4,906 crore in the corresponding quarter of the previous year.

The bank's asset quality demonstrated improvement in the July-September period, with gross non-performing assets (NPAs) dropping to 6.96 per cent and net NPAs decreasing to 1.47 per cent.

PNB's deposits grew by 10 per cent year-on-year, reaching Rs 13.09 lakh crore in the reporting quarter, while advances increased by 15 per cent year-on-year, reaching Rs 8.9 lakh crore.

In terms of segments, revenue from treasury operations saw an 18 per cent increase, amounting to Rs 8,071 crore, while that from the corporate and wholesale banking sectors surged by 38 per cent, totalling Rs 12,426 crore in the second quarter.

The bank's capital adequacy ratio improved to 15.09 per cent at the end of the September quarter, in comparison to 14.74 per cent in the previous year's corresponding period.

On Thursday, PNB shares were trading lower by 0.43 per cent at Rs 69.20 on NSE.