PNB Q3 Profit Soars to Rs 2,223 Crore | Business News
Jan 25, 2024 14:46
Punjab National Bank (PNB) reported a significant rise in its Q3 profit, reaching Rs 2,223 crore, driven by strong income growth and a decline in NPAs.
New Delhi, Jan 25 (PTI) State-owned Punjab National Bank (PNB) on Thursday posted an over three-fold increase in its profit to Rs 2,223 crore for the third quarter ended December 2023.
The bank had earned a net profit of Rs 629 crore in the same quarter a year ago.
Its total income increased to Rs 29,962 crore during the quarter under review against Rs 25,722 crore in the same period last year, PNB said in a regulatory filing.
The bank's interest income rose to Rs 27,289 crore compared to Rs 22,384 crore in the third quarter of the previous fiscal.
Its gross non-performing assets (NPAs) declined to 6.24 per cent of the gross loans at the end of December 2023 from 9.76 per cent a year ago.
Similarly, net NPAs or bad loans came down to 0.96 per cent from 3.30 per cent at the end of the third quarter of the previous fiscal.
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