State-owned lender Punjab National Bank (PNB) reported a 145% rise in net profit for the quarter ended September 2024. Net profit climbed to Rs 4303.5 crore in Q2 against Rs 1756 crore in the September 2023 quarter. Gross NPAs in Q2 fell to 4.48% from 4.98% in the June 2024 quarter. Net NPAs slipped to 0.46% from 0.60% in the June 2024 quarter.
The lender's net interest income (NII) grew 5.99 percent to Rs 10,517 crore during the July-September quarter against NII of Rs 9923 crore in the corresponding quarter last year. Net interest margin (NIM), a key profitability metric, stood at 2.92 percent in the last quarter.
Provision Coverage Ratio climbed 476 bps to 96.67% in Q2 from 91.91% as on September'23. Credit deposit ratio rose to 72.82% in the September 2024 quarter against 71.89% in the September 2023 quarter.
Reacting to the earnings, PNB stock crossed the Rs 100 mark. It climbed 6.41% to Rs 101.95 on Monday against the previous close of Rs 95.80 on BSE. Market cap of the lender stood at Rs 1.4 lakh crore.