BackPNB Q3 net profit down 44% to ₹628.9 cr, NII rises 17.6%
The net interest income was up by 17.6 per cent to ₹9,179.4 crore
PremiumState-owned Punjab National Bank on Monday reported 44 per cent decline in net profit to ₹628.88 crore for the December 2022 quarter. This is against a net profit of ₹1,126.8 crore in the year ago period.
While, on a sequential basis the net profit was up by 53.04 per cent from ₹411.27 crore in September 2022 quarter.
The net interest income which is the difference between interest earned and interest expended, was up by 17.6 per cent to ₹9,179.4 crore as against ₹7,803.2 crore in the corresponding quarter last fiscal.
Net interest margin (NIM) expanded to 3.16% in Q3FY23 from 2.93% in the year-ago same period.
The gross advances of PNB was up by 13.43 per cent to ₹856,757 crore while the Core retail credit grew YoY by 13.54% to ₹130,421crore.
Punjab National Bank (PNB) provisions and contingencies came in at ₹4,713.3 crore in December quarter as compared to ₹3,353.5 crore in corresponding quarter last fiscal.
The asset quality improved as gross non-performing assets came in at 9.80% in the current quarter from 12.88 per cent in the year ago period. It improved by 312 bps on year basis and 72 bps on quarter basis.
Also, net NPA improved by 160 bps to 3.30 per cent from 4.90 per cent on a year-on-year basis.
On Monday, the company's scrip was down by 0.39 per cent to ₹50.6 on BSE.
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