Punjab National Bank Q4 Results: Profit increases by 52% as the provisions fall 77%

The standalone net profit of Punjab National Bank Limited rose 52% to Rs 4,567 crore during the end of March, compared to Rs 3,010 crore in the year-old period.

Pure interest income- Earned interest and interest paid for the inter-quarter increased by 4% to Rs 10,757 crore. It has been compared to Rs 10,363 crore in the respective quarter of the previous financial year.

The quality of PNB’s assets improved in proportion to gross non-performing assets in ratio of gross non-performing property ratio during the October-December period. Completely, the gross NPA fell from Rs 45,414 crore to Rs 44,082 crore in the previous quarter.

There was not much change in the net NPA ratio, which came from 0.41% to 0.40% in the previous quarter. Absolutely, NET NPA also fell from Rs 4,437 crore to Rs 4,291 crore.

The operating profit increased to Rs 6,776 crore as compared to Rs 6,416 crore in the same quarter last year. The provisions fell by 77% to Rs 360 crore as compared to Rs 1,588 crore reported in the same quarter last year.

The board of directors also approved a dividend of Rs 2.90 per share. The public bank’s board also considered the proposal to increase Rs 8,000 crore through bonds.