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PNB Q3FY22 net profit more than doubles to Rs 1,127 cr



Country’s second-largest public sector lender Punjab National Bank (PNB) on Thursday reported a two-fold jump in standalone net profit to Rs 1,126.78 crore for the third quarter (Q3) ended December 31, 2021, as compared to Rs 506.03 crore in the year-ago period, as bad loans marginally declined.

However, total income during October-December 2021 declined to Rs 22,026.02 crore as against Rs 23,298.53 crore a year ago, PNB said in a regulatory filing.

On the asset quality front, the bank witnessed slight improvement by cutting its gross non-performing assets (NPAs) as a percentage of gross advances to 12.88 per cent from 12.99 per cent by the same period a year ago.

In absolute value, gross NPAs stood at Rs 97,258.67 crore by the end of December 2021 as against Rs 94,479.33 crore by the year-ago same period. However, the net NPA ratio rose to 4.90 per cent (Rs 33,878.56 crore) from 4.03 per cent (Rs 26,598.13 crore).

The capital-to-risk weighted assets ratio (CRAR) as per Basel-III rose to 14.91 per cent at the end of Q3FY22.

On a consolidated basis, the bank recorded a profit of Rs 1,150.49 crore during Q3FY22 as against a profit of Rs 585.77 crore in the same quarter a year ago.

The total income on a consolidated basis declined to Rs 22,275.40 crore, from Rs 23,639.41 crore in the October-December quarter of the previous fiscal.

The consolidated financial results of the Group include financial results of five subsidiaries and 15 associates, it said.

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