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Business News/ Markets / Stock Markets/  PNB Q4 Results: Net profit increases multifolds to 1,158 crore, net NPA down 2.7%

Punjab National Bank (PNB) announced its Q4FY23 results on May 19, reporting a net profit of 1,158 crore, registering a multifold growth of 474.7 per cent, compared to 201.6 crore in the corresponding period last year. The state-owned lender's net non-performing assets (NPAs) - an indicator of bad loans covered by the bank, decreased 2.72 per cent in the January-March quarter, compared to 4.80 per cent in the year-ago period. 

The bank's net-interest income - the difference between interest earned and interest expended, came in at 9,498.7 crore, posting an increase of 30 per cent, compared to 7,304.1 crore in the same quarter last fiscal. Gross NPA-an indicator of the bank's loans in danger of not being repaid, declined 8.74 per cent in the fourth quarter, from 11.78 per cent in the year-ago period.

The company's board also recommended a dividend of Rs.0.65 per equity share (32.5 per cent) of face value of 2 each for fiscal 2022-23, subject to the approval of the shareholders. The bank's provisions for Q4 came in at 3,624.7 crore, compared to 4,563.6 crore in the corresponding quarter last year. 

Total income - including interest earned and other income for the period stood at 27,268.95 crore, compared to 21095.17 crore in the same period last fiscal. Operating expenses for the quarter stood at 7052.66 crore, against 4489.42 crore in the year-ago period.

Also Read: PNB revises FD rates effective from today, promising up to 8.05% to these customers

The bank revised its interest rates on fixed deposits of less than 2 crore. Following the revision, the bank has hiked the interest rate by 45 bps on 444 days tenor but has reduced the interest rate by 20 bps on 666 days tenor. On a tenor of 444 days, PNB is now offering a maximum interest rate of 7.25% for the general public, 7.75 per cent for senior citizens and 8.05 per cent for super senior citizens.

On May 19, shares of Punjab National Bank settled 1.61 per cent to 49.26 apiece on the BSE.

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Updated: 19 May 2023, 03:31 PM IST
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