PNB Q1 profit more than doubles to ₹3,252 crore
Punjab National Bank (PNB) on Saturday reported more than two-fold jump in standalone net profit at ₹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 ₹1,255 crore for the year-ago period. Total income in the quarter rose to ₹32,166 crore from ₹28,579 crore, PNB said in a regulatory filing. The lender’s interest income also increased to ₹28,556 crore from ₹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 ₹792 crore in April-June FY25 as against ₹4,374 crore in the year-ago period.
On a consolidated basis, the bank reported a net profit of ₹3,976 crore in the quarter under review as against ₹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.