PNB Q2 net rises over fourfold to ₹1,756 crore
The Hindu
PNB reports 4x rise in Q2 net profit to ₹1,756 cr; NII up 20%, NPA ratio down 233 bps. Operating profit grew 11.67%, NIM improved 11 bps, gross NPA ratio 6.96%, net NPA 1.47%, provision coverage 91.91%. Global business up 11.26%, deposits 9.75%, advances 13.43%. Retail loans up 40.42%, housing 13.7%, vehicles 28.3%, personal 39%. Gross NPAs ₹65,563 cr, net NPAs ₹13,114 cr. Provision coverage ratio up 1372 bps to 80%, slippage ratio down 248 bps to 0.86%.
Punjab National Bank reported second-quarter standalone net profit surged more than fourfold to ₹1,756 crore year-on-year on better asset quality and reduction in non performing assets (NPA).
Operating profit grew 11.67% to ₹6,216 crore. There was a 20% increase in net interest income (NII) to ₹9,923 crore.
The public-sector lender said global net interest margin (NIM) improved by 11 basis points (bps) to 3.11%. Gross NPA ratio improved by 352 bps YoY to 6.96%. Net NPA ratio improved by 233 bps YoY to 1.47% while the provision coverage ratio improved by 795 bps YoY to 91.91%.
The bank said its global business increased by 11.26% YoY to ₹22,51,631 crore. Global deposits grew by 9.75% to ₹13,09,910 crore and global advances grew by 13.43% YoY to ₹9,41,721 crore. During the quarter, the bank’s retail loan portfolio grew 16.5% YoY to ₹1,47,247 crore. Within this category housing loan increased by 13.7% YoY to ₹87,430 crore, vehicles loans increased 28.3% to ₹18,010 crore and personal loans increased by 39% to ₹19,868 crore.
Total retail loans increased by 40.42% YoY to ₹2,18,230 crore, the bank said in a filing. Gross NPAs were at ₹65,563 crore, a decline of ₹21,472 crore from the year ago period. Net NPAs were at ₹13,114 crore as compared with ₹29,348 crore a year ago, a decline of ₹16,234 crore. Provision coverage ratio improved by 1372 bps YoY to 80% from 66.28%. Slippage ratio improved YoY by 248 bps to 0.86% from 3.34% a year ago.
Flight AI177 will depart Bengaluru at 1.05 p.m. and arrive at London Gatwick at 7.05 p.m. (local time). From London Gatwick, flight AI178 will depart at 8.35 p.m. (local time) and arrive in Bengaluru at 10.50 a.m. (next day arrival). From Bengaluru, the flight will operate on Mondays, Wednesdays, Thursdays, Fridays and Sundays.