PNB March qtr profit jumps 473.6% to Rs 1,159 crore

New Delhi: Punjab National Bank (PNB) on Friday reported a jump of 473.6 per cent in its net profit to Rs 1,159 crore for the March 2023 quarter, helped by lower bad loans and a rise in interest income.

The state-owned bank had earned a standalone net profit of Rs 202 crore in the year-ago period.

Total Income of the bank for Q4 FY23 was Rs 27, 269 crore and Rs 97,287 crore for FY23 recording growth of 29.3 per cent and 11.6 per cent respectively on YoY basis.

Bank’s net interest income was at Rs 9,499 srore for Q4 FY23 recording growth of 30.0 per cent on YoY basis and Rs 34,492 crore for FY23 recording growth of 20.2 per cent on YoY basis.

Total Interest Income of the bank for Q4 FY23 was at Rs 23,849 crore and Rs 85,144 crore for FY23 recording growth of 27.9 per cent and 13.7 per cent respectively on YoY basis.

Non-interest income for Q4 FY23 was at Rs 3,420 crore and it grew by 39.6 per cent on YoY basis.

Total Interest Expenses of the bank for Q4 FY23 was at Rs 14,350 crore and Rs 50,652 crore for FY23 recording growth of 26.5 per cent and 9.7 per cent respectively on YoY basis.

Other Operating Expenses for Q4 FY23 was at Rs 2,482 crore and it grew by 6.5 per cent on YoY basis.

Gross Non-Performing Assets (NPAs) were reduced to 8.74 per cent of gross advances as of March 31, 2023, from 11.78 per cent by the end of March 2022.

Net NPAs also came down to 2.72 per cent of the advances as on March 2023 from 4.80 per cent at the end of March 2022.

Gross Non-Performing Assets (GNPA) were at Rs 77,328 crore as on March 2023 as against Rs 92448 crore as on March 2022 declined by 16.36 per cent on YoY basis.

Net Non-Performing Assets (NNPA) were at Rs 22,585 crore as on March 2023 as against Rs 34,909 crore as on March 2022 declined by 35.30 per cent YoY basis.

Savings account deposits increased to Rs 4,63,987 crore as on March 2023 from Rs 4,51,680 crore as on March 2022.

Current account deposits were at Rs 74,028 crore as on March 2023. CASA Share (Domestic) stands at 43.0 per cent as on March 2023.