 "Punjab National bank")
Punjab National Bank (PNB), on Friday, reported an over 474 per cent rise in its standalone net profit in the quarter that ended on March 31 to Rs 1,158.61 crore as compared to Rs 201.57 crore in the same period last year.
During the quarter, the bank's total income increased to Rs 27,269 crore from Rs 21,095 crore a year ago, PNB said in a regulatory filing.
Interest income grew to Rs 23,849 crore during the period under review against Rs 18,645 crore in the year-ago period.
Its gross non-performing assets (GNPAs) fell to 8.74 per cent during the quarter from 11.78 per cent in Q4FY22.
The net NPAs fell to 2.72 per cent from 4.8 per cent during the period.
The fall in the bad loans ratio helped cut the provisions towards NPAs for Q4FY23 to Rs 3,625 crore compared to Rs 4,564 crore a year ago.
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In the whole year, however, the standalone net profit was down over 27 per cent to Rs 2,507.20 crore from Rs 3,456.96 crore a year ago.
As of March 31, its provisions and contingencies stood at Rs 3,830.58 crore.
"The Board of Directors has recommended a dividend of Rs 0.65 per equity share for the year ended March 31, 2023 subject to requisite approvals," the bank's press release said.
