 "Punjab National bank, PNB")
State-owned Punjab National Bank on Thursday reported a standalone profit of Rs 3,010.27 crore for the quarter ending on March 31 (Q4) in the financial year 2023-24 (FY24). This was staggering 160 per cent increase in profit compared to Rs 1,158.61 crore reported in the year-ago period. Sequentially, net profit increase 35.4 per cent from Rs 2,222.81 crore.
The bank' total interest earned for Q4 stood at Rs 28,113.43 crore, a 18 per cent growth year-on-year (Y-o-Y) from Rs 23,848.61 crore. Sequentially, total interest earned went up marginally by three per cent from Rs 27,287.81 crore.
The bank's gross non-performing assets (NPA) fell to 5.73 per cent from 6.24 per cent in the last quarter. Gross NPA was 8.74 per cent during the same period last year.
Net NPA for the quarter was 0.73 per cent, against 0.96 in Q3. The net NPA in Q4FY23 was 2.72 per cent.
For the entire financial year, the bank reported a 229 per cent surge in net profit on a standalone basis at Rs 8,244.62 crore, compared to Rs 2,507.2 crore reported at the end of FY23.
Total interest earned in FY24 was Rs 1.07 trillion, a 25.6 per cent Y-o-Y growth from Rs 85,144.11 crore.
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The bank's board recommended a dividend of Rs 1.50 per equity share of face value of Rs 2 each for the financial year 2023-24, subject to approvals.
Shares of Punjab National Bank were trading at Rs 123.4 at 2:45 pm on the BSE.
