Punjab National Bank (PNB) reported a significant surge in profits, recording a profit of Rs 2,223 crore for the October-December quarter of the current fiscal year. This marked a remarkable three-fold increase compared to the corresponding figure of Rs 629 crore in the same period the previous year.
The government-owned bank witnessed a substantial growth in total income, reaching Rs 29,962 crore during the quarter, as opposed to Rs 25,722 crore in the corresponding period last year.
According to regulatory filings, PNB's net interest income (NII) experienced a robust increase of 12.1%, rising to Rs 10,293 crore from Rs 9,179.4 crore in the same period the previous year. The bank also exhibited an improvement in asset quality, with gross non-performing assets (NPAs) decreasing to 6.24% of total loans, down from 9.76% in the same period last year. Additionally, net NPAs saw a decline to 0.96% from 3.30%.
The bank's proactive measures against bad loans were reflected in a reduction in provisions, with the provisions for bad loans decreasing to Rs 2,739.1 crore from Rs 4,713.34 crore in the corresponding quarter of the previous year.
(With Agency Inputs)