PNB Reports Robust Growth: 9.7% Rise in Deposits, 11.3% Uptick in Overall Business

5 Oct 2023 , 12:28 PM

On Wednesday, October 4, public sector lender Punjab National Bank (PNB) said that its total deposits for the September quarter increased by 9.7% year over year to Rs 13.1 lakh crore, up from Rs 11.9 lakh crore the year prior.

Punjab National Bank reported a year-over-year gain in current account savings account (CASA) deposits, with a growth rate of 2.6%, in its business update for the second quarter of 2023.

PNB’s overall business saw a considerable uptick, reporting an 11.3% year-over-year rise, reaching a total of Rs 22.5 lakh crore as opposed to Rs 20.2 lakh crore the year before.

In comparison to Rs 5.2 lakh crore during the same period last year, CASA deposits reached Rs 5.4 lakh crore. CASA deposits are seen as a financially advantageous source for banks.

In comparison to the previous year’s record of Rs 8.3 lakh crore, the global gross advances increased by 13.8% to reach Rs 9.4 lakh crore. Similar to foreign advances, domestic advances saw a strong 13.9% increase year over year, amounting to Rs 9.1 lakh crore as opposed to Rs 8 lakh crore the year before.

The CASA ratio, a crucial indicator for banks, performed well, increasing from 69.56% the year before to 72.18%, with a quarter-over-quarter ratio of 70.64%.

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