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PNB Q3 profit more than doubles to ₹4,508 cr helped by core income
PNB Q3 profit more than doubles to ₹4,508 cr helped by core income
New Delhi, Jan 31 (PTI) State-owned Punjab National Bank (PNB) on Friday posted more than twofold jump in net profit at ₹4,508 crore for the third quarter ended December 2024 aided by decline in bad loans and increase in core income.
The bank had earned a net profit of ₹2,223 crore in the same quarter a year ago.
Total income increased to ₹34,752 crore from ₹29,962 crore in the same period a year ago, PNB said in a regulatory filing.
Interest income also rose to ₹31,340 crore from ₹27,288 crore in the third quarter of previous fiscal.
Net Interest Income (NII) increased to ₹11,032 crore in Q3 FY25 from ₹10,293 crore in Q3 FY24, showing an improvement of 7.2 per cent, PNB MD and CEO Ashok Chandra said during a media interaction.
On the asset quality front, the bank's gross non-performing assets ratio moderated to 4.09 per cent from 6.24 per cent a year ago.
Similarly, net NPAs, or bad loans, came down to 0.41 per cent from 0.96 per cent at the end of the third quarter last fiscal.
As a result, provisions for bad loans came down significantly to ₹318 crore during the quarter from ₹2,994 crore a year ago.
With regard to recovery from the technically written off account, Chandra said the bank aims to double its recovery target to about ₹1,600 crore in the fourth quarter.
During the third quarter, he said, the bank had done recovery of ₹823 crore.
Net Interest Margin is expected to be in the range of 2.9-3 per cent during the current financial year.
Provision Coverage Ratio (including Technically Written Off) improved to 96.77 per cent as on December 31, 2024 from 94.28 per cent a year ago. Total business of the bank grew by 15.25 per cent to ₹26,39,991 crore from ₹22,90,742 crore.
Deposits registered a growth of 15.58 per cent to ₹15,29,699 crore while advances increased by 14.79 per cent to ₹11,10,292 crore as on December 31, 2024.
Capital Adequacy Ratio also increased to 15.41 per cent as against 14.63 per cent in December 2023.
Meanwhile, PNB has raised its Marginal Cost of Funds-based Lending Rate (MCLR) by 5 basis points across all tenors.
The new rates would be effective from February 1, PNB said in a regulatory filing.
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Business NewsCompaniesCompany ResultsPNB Q3 profit more than doubles to ₹4,508 cr helped by core income
First Published:31 Jan 2025, 06:52 PM IST
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