PNB Q1FY25 results: Net profit jumps 159% to Rs 3,252 cr, NII up 10.23%
Photo Credit: Ruby Sharma
State-owned Punjab National Bank (PNB) on Saturday reported a net profit of Rs 3,252 for the first quarter of the current financial year (Q1FY25), a staggering 159 per cent jump compared to Rs 1,255 crore reported in the year-ago period.
The bank’s Net Interest Income (NII) increased to Rs 10,476 crore in Q1FY25 from Rs 9,504 crore in Q1FY24, showing a 10.23 per cent growth year-on-year (Y-o-Y).
The gross non-performing asset (GNPA) ratio improved by 275 basis points (bps) Y-o-Y to 4.98 per cent as of June 24, while the net non-performing asset ratio of the lender improved by 138 bps Y-o-Y to 0.60 per cent as of June 2024.
Atul Kumar Goel, Managing Director and Chief Executive officer of PNB in the post-results press conference said that the GNPA for the bank would be 4 per cent in FY25.
“Current account savings accounts (Casa) is a challenge for all banks. We are planning to raise Rs 5,000 crore through Qualified institutional placement (QIP) in this Q2FY25,” he said.
Goel also said that the PNB was planning to provide a mobile app to corporates by September to improve current accounts.
The Casa deposits of PNB increased to Rs 5,49,079 crore, recording a Y-o-Y growth of 3.4 per cent. As of June 30, 2024, the bank had 10,150 domestic branches and 2 international branches.
Bank’s total retail credit increased by 14.4 per cent Y-o-Y to Rs 2,34,564 crore till June 24. The bank grew under core retail advances, recording a Y-o-Y growth of 15.5 per cent within core retail credit.
PNB’s housing loan grew by 14.7 per cent Y-o-Y to Rs 1,01,796 crore and vehicle loan posted a growth of 26.9 per cent Y-o-Y to reach Rs 21,726 crore.
First Published: Jul 27 2024 | 5:08 PM IST