Published 15:51 IST, May 9th 2024
Punjab National Bank Q4 net profit zoom 160% to Rs 3,010 crore, beats estimates
Bank's provisions and contingencies for the quarter totalled Rs 1,588 crore, while provisions specifically for NPAs amounted to Rs 1,958 crore
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PNB Q4 results: Punjab National Bank (PNB) has reported its fourth quarter earnings of the last fiscal year, according to the latest financial data released by the bank. The bank's net profit for Q4 came in at Rs 3,010 crore, surpassing the profit estimate of Rs 2,650 crore projected by analysts surveyed by LSEG IBES.
The bank’s Gross Non-Performing Assets (NPA) ratio stands at 5.73 per cent, indicating the proportion of bad loans in the bank's asset portfolio. The interest earned during the quarter amounted to Rs 28,113 crore, reflecting the bank's earnings from its lending activities.
The net NPA ratio maintained at a healthy level of 0.73 per cent, highlighting PNB's effective management of non-performing assets.
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Provisions and contingencies for the quarter totalled Rs 1,588 crore, while provisions specifically for NPAs amounted to Rs 1,958 crore. These provisions are indicative of the bank's prudent approach to risk management and ensuring adequate coverage for potential loan losses.
Comparing the current performance with the corresponding period last year, PNB has showcased strong growth. In the year-ago Q4, the bank reported a net profit of Rs 1,159 crore and interest earned of Rs 23,849 crore, indicating substantial improvement in both profitability and revenue generation.
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Additionally, PNB has declared a dividend of 1.5 rupees per share for its investors.
PNB shares fell 1.84 per cent to Rs 122.70 after its earnings announcement.
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15:51 IST, May 9th 2024