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Punjab National Bank reported net profit of Rs 2,222.8 crore for Dec quarter


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On January 25, Punjab National Bank (PNB), a public sector lender, announced a net profit of Rs 2,222.8 crore for the third quarter of the financial year 2023-24, marking a substantial increase of 253.49 percent compared to the corresponding period in the previous year.

The bank’s gross non-performing asset (NPA) reduced to 6.24 percent, down from the 9.76 percent reported in the same quarter the previous year. Meanwhile, the net NPA for the quarter improved to 0.96 percent, a positive shift from 3.30 percent on a year-on-year basis.

PNB’s net interest income (NII) witnessed a YoY growth of 12.13 percent, reaching Rs 10,293 crore in Q3 FY24, and the operating profit for the same quarter stood at Rs 6,331 crore, showcasing a 10.75 percent growth on a YoY basis. The credit cost for PNB improved by 61 basis points, reducing to 1.26 percent in Q3 FY24 from 1.87 percent in Q3 FY23.

The provision coverage ratio (PCR) showed a significant improvement of 911 basis points on a YoY basis, reaching 94.28 percent as of December 2023. The slippage ratio also demonstrated improvement, decreasing by 136 basis points to 0.81 percent as of December 2023.

The global business of the bank increased by 10.82 percent on a YoY basis, reaching Rs 22,90,742 crore as of December 2023. Additionally, the CASA deposit grew to Rs 5,47,516 crore as of December 2023, reflecting a YoY growth of 6.0 percent.

As of December 31, 2023, PNB has 10,108 domestic branches, 12,455 ATMs, and 29,768 business correspondents (BCs).

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