Punjab National Bank (PNB), a state-owned bank, announced a satisfactory performance in its fiscal year’s first quarter business update on Thursday (July 4). The bank’s global operations grew 3.8% quarter on quarter and 10.3% year on year.
Global deposits increased by 2.8% quarter over quarter and 8.5% year on year, indicating the bank’s ability to attract and retain customer cash. Domestic deposits increased by 2.7% quarter on quarter and 8.1% year on year.
PNB’s global advances increased significantly by 5.1% quarter on quarter and 12.7% year on year. Domestic advances increased by 5% quarter over quarter and 12.1% year over year.
Punjab National Bank’s net profit increased 160% to ₹3,010.27 Crore in the fourth quarter of fiscal year 2023-24. Several major aspects contributed to the bank’s performance, including a fall in the gross non-performing assets (NPA) ratio, which stood at 5.73%, down from 6.24% in the previous quarter and 8.74% last year.
PNB’s total interest earned in Q4 increased to ₹28,113.43 Crore. This was 18% higher than the lender’s ₹23,848.61 Crore reported in the same period last year. NII increased by 9.1% to ₹10,363 Crore from ₹9,498.8 Crore in the same period last year.
Provisions (excluding tax and contingencies) decreased by 58.5% year-on-year to ₹1588.05 Crore. Provisions for non-performing assets fell 45.9% to ₹1,957.9 Crore. On March 31, 2023, the capital adequacy ratio (CRAR) improved to 15.97%, up from 15.50%. In the current quarter, total income reached ₹32,361 Crore, up from ₹27,269 Crore in the previous year.
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