Punjab National Bank Surges with Twofold Profit Increase

Punjab National Bank (PNB) has seen a significant increase in net profit, more than doubling to Rs 4,508 crore in the third quarter of 2024, thanks to decreased bad loans and increased core income. The bank aims to double its recovery target in the fourth quarter while reporting improved financial metrics.

State-owned Punjab National Bank (PNB) reported an impressive surge in net profit, exceeding twice the previous year's figure, marking Rs 4,508 crore for the quarter ending December 2024. This increase was driven by reduced bad loans and higher core income.

In the same quarter last year, the bank recorded a net profit of Rs 2,223 crore. Total income saw a rise to Rs 34,752 crore from Rs 29,962 crore, bolstered by higher interest income, which climbed to Rs 31,340 crore, compared to Rs 27,288 crore in the preceding fiscal year.

PNB MD and CEO Ashok Chandra noted an improvement in Net Interest Income (NII) of 7.2%, reaching Rs 11,032 crore. With the Gross Non-Performing Assets ratio dropping to 4.09% and the net NPAs reducing significantly, provisions for bad loans fell to Rs 318 crore. The bank aims to enhance recovery efforts, doubling the target to Rs 1,600 crore for the upcoming quarter.

(With inputs from agencies.)