PNB announced net profit of Rs.1158.61 crore for Q4, Check all details

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PNB: On May 19, Punjab National Bank (PNB) announced a significant increase in its standalone net profit for the quarter ending in March. The net profit rose by 474.79 percent to reach Rs 1158.61 crore, compared to Rs 201.57 crore in the corresponding quarter of the previous year.

The bank’s net interest income (NII) also showed growth, reaching Rs 9498.75 crore, which is a 30.04 percent increase year on year (YoY) from Rs 7304.13 crore.

In its recommendation, the bank’s board proposed a dividend of 65 paise per equity share for the fiscal year 2022-2023.

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The global net interest margin (NIM) of the bank witnessed improvement, increasing by 48 basis points (bps) on a YoY basis to 3.24 percent in the fourth quarter, compared to 2.76 percent.

Furthermore, the gross non-performing assets (NPA) ratio experienced improvement, with a 304 bps increase YoY, reaching 8.74 percent, while the net NPA ratio improved by 208 bps YoY, reaching 2.72 percent. The provision coverage ratio also showed improvement, rising by 530 basis points YoY to 86.90 percent from 81.60 percent.

During the quarter, the bank reported a decline in credit costs, with a 73 bps decrease YoY to 1.72 percent.

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As of the end of March, global deposits increased by 11.77 percent YoY, totaling Rs 12,81,163 crore, while global advances grew by 12.68 percent YoY, reaching Rs 8,84,681 crore.

Total income – including interest earned and other income for the period stood at ₹27,268.95 crore, compared to ₹21095.17 crore in the same period last fiscal. Operating expenses for the quarter stood at ₹7052.66 crore, against ₹4489.42 crore in the year-ago period.

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