PNB reports stellar Q1 results: Profit up 159% to ₹3,252cr
What's the story
Punjab National Bank (PNB), a state-owned lender, has reported a significant surge in its net profit for the first quarter of the 2024-25 financial year (FY).
The bank's net profit rose by an impressive 159% year-on-year (YoY) to ₹3,252 crore, marking a substantial increase from ₹1,255 crore during the same period last year.
Additionally, PNB's net interest income (NII) for April-June 2024 also saw an uptick of 10.23%, reaching ₹10,476 crore compared to ₹9,504 crore in the previous year.
Asset quality
Improvement in financial health
PNB's financial health has shown marked improvement with a significant reduction in its gross non-performing assets (NPA) ratio.
According to a regulatory filing, the NPA ratio improved by 275 basis points on a YoY basis to stand at 4.98% as of June 30, 2024.
This is a notable improvement from the 7.73% recorded as of June 2023, indicating an overall healthier financial status for the bank.
Information
Shares rose on Friday
Shares of PNB saw an increase in value on Friday. The shares rose by ₹2.2 or 1.87% to close at ₹119.90 apiece on the Bombay Stock Exchange (BSE). This market response reflects investor confidence in the bank.