New Delhi: Punjab National Bank ,PNB) on Friday reported a more than five-fold jump in its net profit to Rs 1,159 crore for the March 2023 quarter, helped by lower bad loans and rise in interest income.
The state-owned bank had posted a net profit of Rs 202 crore in the year-ago period.
PNB said in a regulatory filing that the bank’s total income during the quarter rose to Rs 27,269 crore from Rs 21,095 crore a year ago.
Interest income increased to Rs 23,849 crore during the period under review, as against Rs 18,645 crore in the year-ago period.
The bank’s board has recommended a dividend of Rs 0.65 per share or 32.5 per cent of the face value of Rs 2 out of net profit for the year ended March 31, 2023.
Gross non-performing assets (NPAs) were brought down to 8.74 per cent of gross advances by March 31, 2023, from 11.78 per cent by the end of March 2022.
Net NPA also reduced from 4.8 percent to 2.72 percent at the end of 2022.
The decline in bad loan ratio helped bring down provisions for NPAs for the fourth quarter of FY23 to Rs 3,625 crore from Rs 4,564 crore a year ago.
However, the bank reported a 27 per cent decline in net profit for the full fiscal 2022-23 at Rs 2,507 crore as against Rs 3,457 crore in the same period a year ago.
The state-owned bank had posted a net profit of Rs 202 crore in the year-ago period.
PNB said in a regulatory filing that the bank’s total income during the quarter rose to Rs 27,269 crore from Rs 21,095 crore a year ago.
Interest income increased to Rs 23,849 crore during the period under review, as against Rs 18,645 crore in the year-ago period.
The bank’s board has recommended a dividend of Rs 0.65 per share or 32.5 per cent of the face value of Rs 2 out of net profit for the year ended March 31, 2023.
Gross non-performing assets (NPAs) were brought down to 8.74 per cent of gross advances by March 31, 2023, from 11.78 per cent by the end of March 2022.
Net NPA also reduced from 4.8 percent to 2.72 percent at the end of 2022.
The decline in bad loan ratio helped bring down provisions for NPAs for the fourth quarter of FY23 to Rs 3,625 crore from Rs 4,564 crore a year ago.
However, the bank reported a 27 per cent decline in net profit for the full fiscal 2022-23 at Rs 2,507 crore as against Rs 3,457 crore in the same period a year ago.