New Delhi
Punjab National Bank (PNB) reported a remarkable profit of Rs4,306 crore for the second quarter ending September 2024, more than double the Rs1,756 crore earned in the same period last year.
The state-owned bank’s total income rose to Rs 34,447 crore, up from Rs 29,383 crore in the previous year. This increase was driven by a higher interest income of Rs 29,875 crore, compared to Rs 26,355 crore a year ago.
PNB also showed improvement in asset quality, with gross Non-Performing Assets (NPAs) dropping to 4.48% of total loans, down from 6.96% a year earlier. Similarly, net NPAs decreased to 0.46%, down from 1.47% in the same quarter last fiscal year.
On a consolidated basis, PNB’s profit more than doubled to Rs 4,714 crore, compared to Rs1,990 crore in Q2FY24. The bank allocated a floating provision of Rs350 crore during the quarter, bringing its total floating provision to Rs500 crore as of September 30, 2024.
Additionally, the Provisioning Coverage Ratio, which measures the bank’s ability to cover bad loans, improved to 96.67%, up from 91.91% in the same quarter last year. This indicates a stronger financial position for PNB as it moves forward.
