Punjab National Bank Reports Record Profit Surge in Q2 2024

Punjab National Bank (PNB) recorded a more than two-fold increase in profits to Rs 4,306 crore for Q2 2024, driven by higher interest income and robust recovery efforts. The state-run bank saw a significant improvement in net interest margin and asset quality while continuing to target growth in global business.

Punjab National Bank (PNB) has reported an exceptional increase in profit for the second quarter of 2024, achieving Rs 4,306 crore. This represents more than a two-fold rise from the same period last year, where profits stood at Rs 1,756 crore.

The state-owned bank attributes this success to improved interest income, which rose to Rs 29,875 crore, and effective recovery strategies amounting to Rs 4,000 crore. Managing director Atul Kumar Goel highlighted growth, net interest income recovery, and slippage containment as key profit drivers.

Pleased with its achievement, PNB also noted improvements in credit costs and asset quality, with gross NPAs falling to 4.48 per cent from 6.96 per cent previously. The bank forecasts ongoing growth in deposits and loans for the upcoming fiscal year.

(With inputs from agencies.)