Punjab National Bank(PNB) Q3 profit jumps over three-fold

State-owned Punjab National Bank (PNB) on Thursday posted an over three-fold increase in its profit to Rs 2,223 crore for the third quarter ended December 2023.

The bank had earned a net profit of Rs 629 crore in the same quarter a year ago.

Its total income increased to Rs 29,962 crore during the quarter under review against Rs 25,722 crore in the same period last year, PNB said in a regulatory filing.

The bank's interest income rose to Rs 27,289 crore compared to Rs 22,384 crore in the third quarter of the previous fiscal.

Its gross non-performing assets (NPAs) declined to 6.24 per cent of the gross loans at the end of December 2023 from 9.76 per cent a year ago.

Similarly, net NPAs or bad loans came down to 0.96 per cent from 3.30 per cent at the end of the third quarter of the previous fiscal.

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Punjab National Bank(PNB) Q2 Net profit zooms 327%

 

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.

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Punjab National Bank(PNB) Q1 Results: Net profit rises 307%, asset quality healthy

Punjab National Bank (PNB) on July 26 reported a 307 percent rise in net profit at Rs 1255.41 crore for the April-June quarter of FY24 as against Rs 308.44 crore a year ago.

The public-sector lender's gross non-performing assets (GNPA) declined to 7.73 percent from 11.2 percent in this period and the net non-performing assets (NNPA) fell to 1.98 percent from 4.28 percent.

The net interest income of the bank, difference between interest earned and interest expended, was reported at 9504 crore in the April-June quarter compared with Rs 7543 crore in the year-ago quarter.

New Delhi-based bank's Provision Coverage Ratio improved by 679 bps on YoY basis to 89.83 percent as on June’23 from 83.04 percent as on June’22.

The slippage ratio improved to 1.19 percent in Q1 FY24 from 3.75 percent in Q1FY’23. Housing loan increased by 12.5 percent on YoY basis to Rs 83,893 Crore. Moreover, vehicle loans increased by 27.1 percent on YoY basis to Rs 17,093 Crore and personal loans increased by 46.4 percent on YoY basis to Rs 18,940 Crore.

Savings deposits increased to Rs 4,64,004 Crore as on June’23 from Rs 4,47,258 Crore as on June’22.

Bank has currently, 10080 domestic branches which comprise 3898 rural (39%), Semi-Urban: 2456 (24%), Urban 1998 (20%) Metro: 1728 (17%) and 2 International Branches.

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Punjab National Bank Q1 net profit falls 70%

 

State-owned Punjab National Bank on Thursday reported a 70 per cent decline in standalone net profit to Rs 308.44 crore in the June quarter, mainly due to higher provisioning for bad loans and decline in interest income.

The bank had posted a net profit of Rs 1,023.46 crore in the year-ago period.Total income in the first quarter of the current fiscal fell to Rs 21,294 crore. In the year-ago period, it was at Rs 22,515 crore, according to a regulatory filing.

The lender's interest income fell to Rs 18,757 crore from Rs 18,921 crore in the same quarter a year ago.

The gross Non Performing Assets (NPAs) declined to 11.2 per cent of the gross advances by June 2022 from 14.33 per cent a year ago. It was at 11.78 per cent as of March 2022.

In absolute terms, the gross NPAs or bad loans stood at Rs 90,167.10 crore at the end of the first quarter of FY23 compared to Rs 1,04,075.56 crore a year earlier.

The net NPA too declined to 4.26 as against 5.84 per cent in the same period of the previous year.

However, provisions for bad loans increased to Rs 4,814 crore in the April-June FY23 as against Rs 3,248 crore in the year-ago period.

As on June this year, the Provisioning Coverage Ratio stood at 83.04 per cent as compared to 80.26 per cent at the end of June 2021.

"Covid-19 pandemic has adversely impacted the economic activity across the globe, including the Indian economy for more than two years. The bank's results, operations and asset quality, however, have not been much affected because of the pandemic," it said.

In the latest June quarter, the bank's operating profit fell to Rs 5,379.21 crore.

On a consolidated basis, the bank reported a net profit of Rs 281.73 crore in the quarter ended June as against Rs 1,168.33 crore a year ago.

The consolidated financial result of the bank comprises five subsidiaries and 15 associates.

The capital adequacy ratio of the bank declined to 14.62 per cent at the end of June compared to 15.19 per cent in the year-ago period.

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Punjab National Bank(PNB) Q4 Net profit declines 66%

  

Punjab National Bank (PNB) reported a 66 percent decline in standalone net profit at Rs 202 crore for the fourth quarter of financial year 2021-22 on higher amounts parked towards provisioning, even as its NPA levels declined.

The PNB reported a net profit of Rs 586 crore in the corresponding quarter a year ago. The total standalone income during the January-March quarter stood at Rs 21,095 crore, down from Rs 21,386 crore in the corresponding period last year.

For the entire fiscal 2021-22, the bank's standalone net profit rose to Rs 3,456.96 crore, compared to Rs 2,021.62 crore in FY21, according to a regulatory filing by PNB to the stock exchanges.

The asset quality of the lender improved, with the gross non-performing assets (GNPAs) dropping to 11.78 percent of the gross advances as of March 2022, from 14.12 percent a year ago. PNB's net non-performing assets (NPAs) or bad loans also declined to 4.8 percent from 5.73 percent

The lender kept a higher provision for bad loans and contingencies for the January-March quarter at Rs 4,851.47 crore, compared to Rs 3,540.32 crore earlier.

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PNB Q3 results: Profit zooms 123%

 

Government-owned lender Punjab National Bank (PNB) on Thursday said its net profit for December-ending quarter was Rs 1,126.78 crore, up 122.71 per cent compared to reported profit of Rs 506.03 crore in the same quarter last year.

Net profit was higher on account of lower provisions. The company provided Rs 3,353.55 crore for the quarter down from Rs 5,175.99 crore. However, provisions for bad loans increased by Rs 536 crore.

Operating profit (before contingencies and provisions) of the company came in at Rs 5,076.31 crore, down 17.24 per cent from Rs 6,134.20 crore in the year ago quarter.

Operating margin came in at 23.05 per cent, down from 26.62 per cent in the same quarter last year. However, it was significantly higher than September quarter’s 18.91 percent.

Net profit margin for the quarter was 5.12 per cent, down from 5.20 per cent quarter-on-quarter and up from 2.20 per cent year-on-year.

Gross net performing assets (NPA) stood at 4.9 per cent of total assets. This compares with 5.49 per cent and 4.03 per cent, respectively, in the September 2021 quarter and December 2020 quarter. Similarly, net NPA stood at 0.34 per cent during the quarter, against 0.33 per cent and 0.15 per cent, respectively.

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Punjab National Bank(PNB) Q2 profit up by 78%

  

State-owned Punjab National Bank (PNB) on Wednesday reported a 78 per cent rise in net profit to Rs 1,105 crore for the second quarter ended on September 30 despite a fall in income.

The country's second-largest lender had posted a net profit of Rs 620.81 crore during the corresponding quarter a year ago.

However, the bank's total income during the July-September quarter declined to Rs 21,262.32 crore as against Rs 23,279.79 crore in the corresponding period last year, PNB said in a regulatory filing.

The bank's operating profit too declined to Rs 4,021.12 crore from Rs 5,674.91 crore in the same quarter in the previous financial year.

On the asset quality front, the lender's gross non-performing assets (NPAs) increased marginally to 13.63 per cent of the gross advances at the end of September 2021, from 13.43 per cent a year ago period. Net NPAs also increased to 5.49 per cent as against 4.75 per cent a year ago.

However, provisions for bad loans declined to Rs 2,692.74 crore in the quarter, against Rs 3,811.17 crore in July-September 2020.

Provisions (other than tax) and contingencies declined to Rs 3,261.37 crore as against Rs 4,696.15 crore at the end of the second quarter of previous fiscal.

The government holding in the bank stood at 73.15 per cent at the end of September quarter. The Provisioning Coverage Ratio as of September 30, 2021, works out to 80.77 per cent compared to 83 per cent, it said.

Capital-to-risk-weighted assets ratio (CRAR) as per Basel-III increased to 15.20 per cent as against 12.8 per cent at the end of September 2020 quarter.

It further said the extent to which the Covid-19 pandemic will impact the bank's results will depend on future developments.

"The major identified challenges for the bank would arise from eroding cash-flows and extended working capital cycles. The bank is gearing itself on all the fronts to meet these challenges," it said.

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Punjab National Bank(PNB) Q1 net profit zooms 232% YoY

 

 Punjab National Bank(PNB)'s net profit for the quarter ended 30 June, 2021, zoomed 232% to Rs.1,023 crore, it said on Monday. The lender had posted a net profit of Rs.308 crore in the year-ago period.

The lender's Net Internet Income (NII) rose 6.5% to Rs.7,226 crore as against Rs.6,782 crore in the year-ago period.PNB's gross NPA marginally rose to 14.33% from 14.12% QoQ while the net NPA came at 5.85% as against 5.73% in the previous quarter (Q4F21).

The operating profit of the bank increased during the quarter to Rs.6,098.65 crore from Rs.5,280 crore. Its operating expenses during the quarter came down to Rs.4,722 crore from Rs.5,156 crore in the year-ago period. The total recovery, including cash recovery and up-gradation, during Q1FY22 improved to Rs.8,270 crore, PNB said.

The lender said it has availed dispensation for deferment of provision of Rs.392.69 crore in respect of frauds, as per RBI norms. Accordingly, an amount of Rs.98.17 crore has been charged to the profit and loss account and Rs.294.52 crore has been deferred to subsequent quarters. "Further, out of the amount of Rs.1,013.10 crore, which was debited to other reserve in Q4FY21, an amount of Rs.606.14 crore has been charged to profit and loss account and remaining Rs.406.96 crore will be charged to profit and loss account in subsequent quarters," it said.

On a consolidated basis, PNB reported a net profit of Rs.1,080.30 crore in the quarter ended June 2021, as against Rs.475.19 crore a year ago. The consolidated financial result of the bank comprises five subsidiaries and 15 associates. The capital adequacy ratio of the bank was at 15.19 per cent by June quarter-end, compared to 12.63 per cent a year ago. Provision coverage ratio works out to 80.26 per cent by June 30, 2021, it said.

PNB said it is holding a total provision of Rs.8,397.97 crore, as per RBI list-1 and list-2, with regard to accounts admitted under Insolvency & Bankruptcy Code (IBC) as of June 30, 2021. This provisioning is 100 per cent of the gross NPA advances, it added.

On the bank's quarterly performance amid Covid-19, the lender stated, "The extent to which the COVID-19 pandemic will impact the Bank's results will depend on future developments, which are highly uncertain including among other things, the success of vaccination drive. The major identified challenges for the Bank would arise from eroding cash flows and extended working capital cycles. The Bank is gearing itself on all the fronts to meet these challenges."

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