PNB Shares Surge Over 3% on Profit Jump

New Delhi, Oct 28 (PTI) Stocks of Punjab National Bank (PNB) on Monday climbed over 3 per cent after the firm reported a more than two-fold jump in profit in the September quarter.

Shares of the firm advanced 2.97 per cent to settle at Rs 98.65 apiece on the BSE. During the day, it jumped 6.41 per cent to Rs 101.95.

On the NSE, it climbed 3.39 per cent to Rs 98.97 per share.

PNB on Monday reported a more than two-fold jump in profit at Rs 4,306 crore in the second quarter ended September 2024.

The state-owned lender had earned a net profit of Rs 1,756 crore in the same quarter in the previous financial year.

Total income increased to Rs 34,447 crore during the quarter under review against Rs 29,383 crore in the same quarter last year, PNB said in a regulatory filing.

The bank reported an interest income of Rs 29,875 crore during the quarter, higher than Rs 26,355 crore a year ago.

As regards asset quality, the bank witnessed improvement with gross Non-Performing Assets (NPAs) declining to 4.48 per cent of the gross loans by the end of September 2024 from 6.96 per cent a year ago.

Similarly, net NPAs or bad loans moderated to 0.46 per cent from 1.47 per cent at the end of the second quarter of the previous fiscal.