PNB Q3 results: Net Profit stood at Rs 4508 crore, NII grew by 7.2%

Net profit for the period stood at Rs 4,508 crore, in comparison to Rs 2,222 crore that the lender reported during the year-ago quarter.

PNB Q3 results: Net Profit stood at Rs 4508 crore, NII grew by 7.2%
PNB Q3 results: Net Profit stood at Rs 4508 crore, NII grew by 7.2%

Shares of Public sector lender Punjab National Bank Ltd rose over 4.5% on Friday, January 31, as the lender reported its December quarter results, where its asset quality saw improvement. Net Interest Income (NII) or core income of the bank grew by 7.2% on a year-on-year to Rs 11,033 crore, from Rs 10,293 crore last year.

Net profit for the period stood at Rs 4,508 crore, in comparison to Rs 2,222 crore that the lender reported during the year-ago quarter. The net profit was aided by a jump in other income, which stood at Rs 3,411 crore from Rs 2,673 crore last year.

The provision write-back stood at Rs 285 crore during the quarter, in comparison to the provision of Rs 288 crore in the September quarter. Against NPAs, provisions stood at Rs 317 crore from Rs 199 crore last quarter.

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The bank’s asset quality improved on a sequential basis. Gross NPA stood at 4.09% from 4.48% in the previous quarter, while net NPA stood at 0.41% from 0.46% last quarter.

Advances growth during the quarter increased by 15.6% from last year and 4.9% from the previous quarter to Rs 15.29 lakh crore, while deposits stood at Rs 10.69 lakh crore, a growth of 16.75% from last year and 5% of the previous quarter. Credit-deposit ratio during the quarter stood at 69.95% from 69.24% last year and 69.91% in September.

The provision coverage ratio during the quarter stood at 96.8% from 96.7% in the previous quarter. Operating profit during the quarter stood at Rs 6,620 crore, growing by 4.6% from last year. However, the figure was down 3.4% on a sequential basis.

Shares of PNB are trading 4.5% higher at Rs100.84.

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