PNB, RBL, Jammu & Kashmir Bank reports robust growth in advances for Q2

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Punjab National Bank (PNB), RBL Bank, and Jammu & Kashmir Bank have reported robust growth in advances for the quarter ending September 30, as per their respective exchange filings.


PNB saw a rise in advances to Rs 1,308,719 crore, marking a 9.70 per cent increase from Rs 1,193,501 crore in the second quarter of FY24 compared to the same period in FY23.


Jammu and Kashmir Bank experienced a 15.88 per cent jump in advances, reaching Rs 91,679.87 crore. This growth rate outpaced the banking system’s 15.1 per cent increase in advances up to September 8, 2023, as per data from the Reserve Bank of India.


RBL Bank reported advances totalling Rs 78,186 crore, which is a 21 per cent surge from the previous year. Breaking this down, the bank’s retail advances grew by 34 per cent year-on-year, while its wholesale advances rose by 7 per cent for the aforementioned quarter. Within the wholesale segment, commercial banking saw a 17 per cent growth. The composition of retail to wholesale advances stood at roughly 58:42.


In terms of deposits, RBL Bank witnessed a 13 per cent increase, amounting to Rs 89,774 crore. The bank has maintained its emphasis on granular retail deposits, constituting approximately 44.2 per cent as of September 30, 2023, an increase from 42.0 per cent on September 30, 2022.


PNB’s deposits grew by 13.80 per cent year-on-year, reaching Rs 944,678 crore. Concurrently, Jammu & Kashmir Bank reported a 9.40 per cent rise in deposits, totalling Rs 126,589.38 crore.