Punjab National Bank (PNB) on Saturday reported a 159 per cent year-on-year surge in its net profit to Rs 3,252 crore for the first quarter of the current financial year 2024-25. Its net interest income (NII) during April-June 2024 increased 10.23 per cent to Rs 10,476 crore, compared with Rs 9,504 crore in the year ago period.
The state-owned lender had posted a net profit of Rs 1,255 crore in the corresponding period last year.
Total income in the latest June 2024 quarter rose to Rs 32,166 crore from Rs 28,579 crore, PNB said in a regulatory filing.
Its gross non-performing assets (NPA) ratio improved by 275 bps on y-o-y basis to 4.98 per cent as on June 30, 2024, compared with 7.73 per cent as on June 2023, according to the regulatory filing.
Net NPAs too declined to 0.60 per cent from 1.98 per cent.
On a consolidated basis, the bank reported a net profit of Rs 3,976 crore in the quarter under review as against Rs 1,342 crore a year ago.
The consolidated financial result of the bank comprises five subsidiaries and 15 associates.
The capital adequacy ratio of the bank improved to 15.79 per cent at the end of June 2024 compared to 15.54 per cent in the year-ago period.
Shares of PNB on Friday rose Rs 2.2 per cent or 1.87 per cent to close at Rs 119.90 apiece on the BSE.
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