The Business Bytes
TBB BUREAU
NEW DELHI, MAY 19, 2023
Punjab National Bank (PNB) on Friday reported over five-fold jump in its net profit to Rs 1,159 crore for the quarter ended on March 31, 2023 (Q4FY23) as against a standalone net profit of Rs 202 crore in the year-ago period.
The operating profit was at Rs 5866 crore during Q4 FY23, registering a growth of 11.4 per cent on YoY (year-on-year) basis.
During the quarter, the state-owned bank’s total income increased to Rs 27,269 crore from Rs 21,095 crore a year ago,
Interest income grew to Rs 23,849 crore during the period under review against Rs 18,645 crore in the corresponding period of the previous fiscal. Net interest income increased by 30.05 per cent YoY to Rs 9,499 crore in Q4 FY23.
Gross Non-Performing Assets (NPAs) were reduced to 8.74 per cent of gross advances as of March 31, 2023, from 11.78 per cent by the end of March 2022. Net NPAs also came down to 2.72 per cent of the advances from 4.8 per cent at the end of 2022.
The fall in the bad loans ratio helped cut the provisions towards NPAs for Q4FY23 to Rs 3,625 crore compared to Rs 4,564 crore a year ago.
Capital Adequacy (CRAR) improved from 14.50 per cent as on March’22 to 15.50 per cent as on March’23.
