PNB Net Profit Soars 327%, Asset Quality Improves Significantly

26 Oct 2023 , 03:51 PM

Punjab National Bank (PNB) reported an impressive 327% increase in net profit, reaching Rs 1,756 crore for the July–September quarter of the current financial year. The bank also saw a significant improvement in asset quality, with gross non-performing assets (GNPA) declining to 6.96% from 10.48%, and net non-performing assets (NNPA) falling to 1.47% from 3.80% during this period.

PNB’s global business showed a robust 11.26% year-on-year (YoY) growth, reaching Rs 22,51,631 Crore as of September 2023, compared to Rs 20,23,713 Crore in September 2022. Global deposits increased by 9.75% YoY to Rs 13,09,910 Crore, and global advances grew by 13.43% YoY to Rs 9,41,721 Crore as of September 2023.

The bank’s savings deposits increased to Rs 4,71,238 Crore in September 2023 from Rs 4,51,707 Crore in September 2022, and current deposits stood at Rs 67,038 Crore as of September 2023. The CASA (Current Account and Savings Account) share for the domestic segment was 42.15% in September 2023, compared to 41.90% in June 2023.

PNB also witnessed significant growth in retail lending, with housing loans increasing by 13.7% YoY to Rs 87,430 Crore, vehicle loans up by 28.3% to Rs 18,010 Crore, and personal loans surging by 39.0% to Rs 19,868 Crore. The total retail portfolio expanded by 40.42% YoY, reaching Rs 2,18,230 Crore in September 2023 from Rs 1,55,409 Crore in September 2022.

As of September 30, 2023, PNB operated 10,092 domestic branches, with 39% in rural areas, 24% in semi-urban areas, 20% in urban areas, and 17% in metro areas. The bank also had 2 international branches, 12,645 ATMs, and 20,447 Business Correspondents (BCs).