Punjab National Bank Q3 profit more than triples

PNB Q3 results: Punjab National Bank’s (PNB) profit surged 254 per cent to Rs 2,222.81 crore in th December quarter Q3FY24, from Rs 628.88 crore in the same quarter of the previous fiscal Q3FY23. 

The lender’s net interest income (NII) which is the difference between the interest earned and interest expended, surged 12.1 per cent annually to Rs  10,292.8 crore from Rs 9,179.4 crore in the same quarter last year. 

In terms of asset quality, Gross NPA (GNPA) appreciated nearly 8 per cent to Rs 60,371.4 crore from Rs 65,563.1 in the previous quarter of the same fiscal (Q2FY24). 

The Net NPA of the company improved 33 per cent to 8,815 crore from 13,114 crore in the last quarter of the same fiscal. 

As a percentage of total advances, GNPA improved 72 basis points (BPS) to 6.24 per cent from 6.96 per cent. While the net NPA (NNPA) improved 51 bps to 0.96 per cent, from 1.47 per cent in the previous quarter of same fiscal. 

The provisions declined over 20 per cent sequentially to Rs 2,738.1 crore from, Rs 3,444.2 crore in Q2FY24. 

As of 2:35 PM, the shares of Punjab National Bank were trading 0.64 per cent higher at 102.8 per share.