PNB Q2 results: Net profit zooms 327%; asset quality improves

Public sector lender Punjab National Bank (PNB) reported a 327 per cent year-on-year (YoY) rise in net profit at Rs 1,756 crore for the September quarter compared with Rs 411.27 crore in the corresponding quarter of the last fiscal. Net interest income (NII), the difference between the interest earned from lending activities and the interest paid, rose to Rs 9923 crore in the September quarter of the current fiscal.

Operating profit of PNB climbed 11.66% to Rs 6216.43 crore in Q2 against Rs 5567.21 crore in the September quarter of the last fiscal.

Asset quality of the lender improved in the last quarter. Gross NPAs fell to Rs 65,563.12 crore in Q2 against Rs 87,034.79 crore in the September 2022 quarter. Gross NPA ratio slipped to 6.96% in Q2 against 10.48% in the corresponding quarter of the previous fiscal.

Debt to equity ratio of PNB fell to Rs 0.76 in Q2 against 0.91 in the September 2022 quarter.

Net NPA ratio slipped to 1.47% in Q2 against 3.80% in the September 2022 quarter. Net NPAs declined to Rs 13,114.12 crore in Q2 compared to Rs 29,348.16 crore in the September 2022 quarter.

Meanwhile, the PNB stock was trading flat at Rs 69 in the afternoon session on BSE today. Market cap of the bank stood at Rs 75,976 crore.

Also read: Hot stocks on October 26, 2023: Tata Motors, Delta Corp, Adani Green Energy, RVNL, Prism Johnson and more