Punjab National Bank released Q1 results, net profit increased 4 times to Rs 1255 crore

Punjab National Bank (PNB), one of the country's largest public sector banks, has released the results of the April-June quarter today.
As a result, the standalone net profit of the bank grew 4 times to Rs 1,255 crore. In the same period a year ago, the bank had earned a net profit of Rs 308 crore.
The bank said that this increase in profit was due to a decline in NPAs and an improvement in interest income. PNB said in a regulatory filing that total income rose to Rs 28,579 crore from Rs 21,294 crore in the first quarter of the current fiscal.
The bank's interest income also increased to Rs 25,145 crore from Rs 18,757 crore in the same quarter a year ago. The bank said gross non-performing assets (NPAs) are expected to come down to 7.73 percent of gross advances by June 2023, from 11.2 percent a year ago. Net NPA also declined to 1.98 percent as against 4.26 percent in the same period last year.
Provisions for bad loans declined to Rs 4,374 crore in April-June FY24, as against Rs 4,814 crore in the year-ago period.
On a consolidated basis, the bank reported a net profit of Rs 1,342 crore for the quarter ended June, as against Rs 282 crore a year ago. Let us tell you that the consolidated financial results of the bank include five subsidiaries and 15 associates.
The bank's capital adequacy ratio improved to 15.54 percent at the end of June from 14.62 percent in the year-ago period.
Punjab National Bank (PNB), one of the largest public sector banks in the country, recently opened the country's first virtual branch named PNB Metaverse.
Let us tell you that PNB is the first bank in the country to open a virtual branch. PNB said that this virtual branch will provide a unique banking experience to the existing and new customers of the bank by offering banking products and services including bank deposits, personal/MSME loans, digital products, women/seniors etc.