Punjab National Bank (PNB) shares climbed over 2% after the company reported a more than three-fold jump in its profit for the December 2023 quarter. The bank's net profit rose to Rs 2,223 crore, driven by strong loan growth and declining bad loans.
New Delhi, Jan 25 (PTI) Shares of Punjab National Bank (PNB) on Thursday climbed over 2 per cent after the company posted an over three-fold increase in its profit to Rs 2,223 crore for the third quarter ended December 2023.
The stock advanced 2.42 per cent to settle at Rs 104.61 on the BSE. During the day, it jumped 3.87 per cent to Rs 106.10.
At the NSE, it climbed 2.25 per cent to Rs 104.50.
The company's market valuation went up by Rs 2,719.72 crore to Rs 1,15,186.23 crore.
In traded volume terms, 53.71 lakh shares of the company were traded at the BSE and over 11.17 crore shares at the NSE during the day.
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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