Press "Enter" to skip to content

PNB Q3 Results: Net profit falls 44% YoY to Rs 629 crore – The Economic Times

Public sector lender ‘s net profit fell 44% to Rs 629 crore in the quarter ended December 2022.

The net profit stood at Rs 1,127 crore in the same period last year. Following the announcement, the company’s stock was down about 0.98% at Rs 50.30 on NSE.

The net interest income (NII) — the difference between interest earned by the bank and interest expended — rose 18% to Rs 9,179 crore during the third quarter. The same stood at Rs 7,803 crore in the same quarter last year.

The asset quality of the lender improved substantially during the quarter. Gross non performing assets declined to 9.76% as against 12.88% a year ago. Meanwhile, net NPAs too dropped to 3.30% from 4.90% last year.

However, the lender’s provisions increased 40% to Rs 4,713 during the third quarter against Rs 3,353 crore in corresponding quarter of last year.

Total income rose 17% to Rs 25,722 crore for the quarter under review. It was Rs 22,026 crore in the last year quarter.

So far this year, the company’s stock has lost 11.99%, while in the last six months, it was up 50%.On the business side, the lender’s deposits rose to Rs 12.1 lakh crore as of December 2022 as against Rs 11.2 lakh crore in December 2021.

Punjab National Bank’s advances improved to Rs 8 lakh crore during the December quarter, while the same stood at Rs 6.9 lakh crore the last year quarter.

The lender’s capital adequacy ratio during the third quarter stood at 15.15% with CET-1 ratio at 10.84%.

Meanwhile, operating margins in the said period declined to 22.22% against 23.05% in the corresponding quarter of last year.