The Business Bytes
TBB BUREAU
NEW DELHI, JAN 25, 2024
Punjab National Bank (PNB) reported a substantial surge in its profit to Rs 2,223 crore for the third quarter ending December 31, 2023, marking a more than threefold increase compared to Rs 629 crore during the same period in the previous fiscal.
According to a regulatory filing, the bank’s total income also saw a notable rise to Rs 29,962 crore in the current quarter, up from Rs 25,722 crore in the corresponding period of the previous year.
PNB’s interest income climbed to Rs 27,289 crore in the third quarter of the fiscal year, surpassing the Rs 22,384 crore recorded in the same period last fiscal.
The bank’s gross non-performing assets (NPAs) decreased to 6.24 per cent of gross loans by the end of December 2023, down from 9.76 per cent a year earlier.
Likewise, net NPAs, or bad loans, witnessed a decline to 0.96 per cent from 3.30 per cent at the close of the third quarter in the previous fiscal year.
