PNB Q2 results: Net profit zooms 327%; asset quality improves

PNB₹ 120.37(1.74%)

Net interest income (NII), the difference between the interest earned from lending activities and the interest paid, rose to Rs 9923 crore in the September quarter of the current fiscal.

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Aseem Thapliyal

Updated Oct 26, 2023 2:12 PM IST

PNB Q2 results: Net profit zooms 327%; asset quality improves

PNB Q2 results: Net profit zooms 327%; NII at Rs 9,923 crore (Photo: Reuters)

SUMMARY

Gross NPAs fell to Rs 65,563.12 crore in Q2 against Rs 87,034.79 crore in the September 2022 quarter.
Net NPA ratio slipped to 1.47% in Q2 against 3.80% in the September 2022 quarter
Net NPAs declined to Rs 13,114.12 crore in Q2 compared to Rs 29,348.16 crore in the September 2022 quarter.

Public sector lender Punjab National Bank (PNB) reported a 327 per cent year-on-year (YoY) rise in net profit at Rs 1,756 crore for the September quarter compared with Rs 411.27 crore in the corresponding quarter of the last fiscal. Net interest income (NII), the difference between the interest earned from lending activities and the interest paid, rose to Rs 9923 crore in the September quarter of the current fiscal.

Operating profit of PNB climbed 11.66% to Rs 6216.43 crore in Q2 against Rs 5567.21 crore in the September quarter of the last fiscal.

Asset quality of the lender improved in the last quarter. Gross NPAs fell to Rs 65,563.12 crore in Q2 against Rs 87,034.79 crore in the September 2022 quarter. Gross NPA ratio slipped to 6.96% in Q2 against 10.48% in the corresponding quarter of the previous fiscal.

Debt to equity ratio of PNB fell to Rs 0.76 in Q2 against 0.91 in the September 2022 quarter.

Net NPA ratio slipped to 1.47% in Q2 against 3.80% in the September 2022 quarter. Net NPAs declined to Rs 13,114.12 crore in Q2 compared to Rs 29,348.16 crore in the September 2022 quarter.

Meanwhile, the PNB stock was trading flat at Rs 69 in the afternoon session on BSE today. Market cap of the bank stood at Rs 75,976 crore.

Also read: Hot stocks on October 26, 2023: Tata Motors, Delta Corp, Adani Green Energy, RVNL, Prism Johnson and more

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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ABOUT THE AUTHOR

Aseem Thapliyal

A journalist with over 12 years' experience, who tracks trends in the share market and writes stock market stories. An active follower of Sensex and Nifty, I capture stocks in news and analysis by share market experts and brokerages on their outlook and price targets. I cover company news/earnings leading to a rally or crash in particular stocks or stock market indices. Also track impact of global stock markets on their Indian peers. I have worked with Live Mint and NDTV Profit in previous stints. My hobbies are exploring new places, travelling, watching movies, spending time with friends and family, watching web series, playing cricket and football. I have completed graduation from Delhi University along with a PG Diploma in journalism from IIMC. I can be reached easily via social media platforms.

Published on: Oct 26, 2023 2:00 PM IST

PNB Q2 results: Net profit zooms 327%; asset quality improves

Net interest income (NII), the difference between the interest earned from lending activities and the interest paid, rose to Rs 9923 crore in the September quarter of the current fiscal.

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