PNB Q1 Profit Surges Over 100% to Rs 3,252 Crore
Jul 27, 2024 15:50
Punjab National Bank (PNB) reported a significant jump in its Q1 FY25 profit, driven by a decline in bad loans and improved interest income. Learn more about PNB's financial performance.
New Delhi, Jul 27 (PTI) Punjab National Bank (PNB) on Saturday reported more than two-fold jump in standalone net profit at Rs 3,252 crore for June quarter FY25 helped by decline in bad loans and improvement in interest income.
The state-owned bank had posted a net profit of Rs 1,255 crore for the year-ago period.
Total income in the quarter rose to Rs 32,166 crore from Rs 28,579 crore, PNB said in a regulatory filing.
The lender's interest income also increased to Rs 28,556 crore from Rs 25,145 crore in the same quarter a year ago.
Gross Non Performing Assets (NPAs) declined to 4.98 per cent of gross advances by June 2024 from 7.73 per cent in the same quarter a year ago.
Net NPAs too declined to 0.60 per cent from 1.98 per cent.
As a result, provisions for bad loans came down drastically to Rs 792 crore in April-June FY25 as against Rs 4,374 crore in the year-ago period.
On a consolidated basis, the bank reported a net profit of Rs 3,976 crore in the quarter under review as against Rs 1,342 crore a year ago.
The consolidated financial result of the bank comprises five subsidiaries and 15 associates.
The capital adequacy ratio of the bank improved to 15.79 per cent at the end of June 2024 compared to 15.54 per cent in the year-ago period.
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