Aided by strong operational performance and significantly lower NPA provisioning, Punjab National Bank (PNB) on Monday reported a 137 per cent increase in net profit for the quarter ended September 30, 2024 at ₹4,714 crore (₹1,990 crore).
The latest bottomline performance was the highest ever quarterly net profit recorded by the state-owned lender and is also higher than consolidated net profit of ₹3,976 crore in June 2024 quarter, latest filings with stock exchanges showed.
On a standalone basis, PNB’s net profit for the quarter under review increased 145 per cent to ₹4,303 crore (₹1,756 crore).
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PNB, which is the country’s second largest public sector bank, has achieved another milestone with gross business mix surpassing ₹25 lakh crore.
Total Consolidated Income for the quarter under review increased 18 percent to ₹35,111 crore (₹29,857 crore). It was also higher than consolidated total income of ₹32,760 crore in June 2024 quarter.
For the quarter under review, provision for Non Performing Assets (NPAs) came down sharply to ₹184 crore (₹3,037 crore). It was also lower than NPA provision of ₹781 crore in June 2024 quarter. In the first half this fiscal, provisioning for NPA stood at ₹954 crore (₹7,400 crore), bank’s exchange filings showed.
Encouraged by strong financial performance, the shares of PNB were trading 4.80 percent up at ₹100.40 per share during trading hours on Monday.
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