Latest News

Punjab National Bank Q4 Financial Results 2024, Net Profit Rs.3010 crore


➡️ Click here to join our Whatsapp Group

Punjab National Bank (PNB) reported a significant increase in its net profit for the fourth quarter of the financial year 2023-24. The net profit surged by 160 percent to Rs 3,010.27 crore compared to the same quarter in the previous year. On a sequential basis, PNB’s net profit also saw a substantial increase of 35 percent.

Asset Quality

In terms of asset quality, PNB’s gross non-performing assets (NPA) ratio for the reporting quarter stood at 5.73 percent, which is an improvement from 6.24 percent in the previous quarter and 8.74 percent in the same quarter last year.

The net NPA ratio for PNB as of March 31, 2024, was 0.73 percent, down from 0.96 percent in the previous quarter and 2.72 percent in the same period last year.

In absolute terms, PNB’s gross NPA declined by Rs 20,985 crore to Rs 56,343 crore as of March 2024, compared to Rs 77,328 crore in March 2023. Similarly, the net NPA declined by Rs 15,786 crore to Rs 6,799 crore as of March 2024.

Provision Coverage Ratio and Slippage Ratio

PNB’s Provision Coverage Ratio (including Technical Write-Offs) improved by 849 basis points (bps) year-on-year to 95.39 percent as of March 2024. The Provision Coverage Ratio (excluding Technical Write-Offs) also improved by 171 bps to 87.9 percent from 70.8 percent in March 2023.

The slippage ratio, which measures the percentage of loans turning into NPAs, improved by 159 bps to 0.72 percent in FY24 from 2.31 percent in FY23.

Deposit and Credit Growth

PNB witnessed growth in various deposit categories. Savings Deposits increased to Rs 4.80 lakh crore, registering a year-on-year growth of 3.5 percent. Current Deposits grew by Rs 3,565 crore as of March 2024 to reach Rs 72,201 crore on a quarter-on-quarter basis. CASA (Current Account Savings Account) Deposits increased to Rs 5.53 lakh crore, recording a year-on-year growth of 2.7 percent.

Total Retail credit increased by 12.6 percent to Rs 2.23 lakh crore in March 2024. Within the Core Retail Credit segment, Housing Loan grew by 14.5 percent to Rs 93,694 crore, Vehicle Loan posted a growth of 25.6 percent to reach Rs 20,692 crore, and Personal Loan increased by 14.4 percent to Rs 20,766 crore.

Agriculture Advances grew by 11.3 percent year-on-year to Rs 1.58 lakh crore, and MSME (Micro, Small, and Medium Enterprises) Advances increased by 7.0 percent year-on-year to Rs 1.39 lakh crore in March 2024.

Interest Margin and Yield on Advances

PNB’s Domestic Net Interest Margin stood at 3.25 percent in Q4 FY24.

The Global Yield on Advances improved by 50 bps to 8.44 percent in Q4 FY24 and by 112 bps to 8.28 percent in FY24.

Leave a Reply

Your email address will not be published. Required fields are marked *