PNB Q4 results: PSU lender reports manifold jump in profit, NII rises 30%

Punjab National Bank reported a 450 per cent rise in the consolidated net profit at Rs 1,159 crore in the March 2023 quarter, which was Rs 338.29 crore for the year ago period. The state-run lender had clocked a net profit of Rs 708.27 crore in the December 2023 quarter.

The PSU bank's net interest income (NII) for the reporting quarter came in at Rs 9,499 crore, 30 per cent higher, compared with Rs 7,304 crore in the corresponding quarter of last year.

The board of Directors of Punjab National Bank recommended a dividend of Rs 0.65 per equity shares, 32.5 per cent of the face value of Rs 2 each for the financial year 2022-23. However, this is subject to approval from the shareholders of the lender at the upcoming annual general meeting (AGM) of the bank.

On a standalone basis, PNB reported a net profit of Rs 1,158.61 crore in Q4FY23, against a bottomline of 201.57 crore in the same quarter previous year.

Gross NPAs for the quarter improved to 8.74 per cent for the March 2023 quarter, which were 9.76 per cent in preceding quarter (Q3FY23). Net NPAs came in at 2.72 per cent against 3.30 per cent during the period under review.

However, Punjab National Bank reported a consolidated net profit at Rs 3,348.45 crore for the entire financial year ended on March 31, 2023, which was Rs 3,860.74 crore a year ago.

Provisions (other than tax) and contigencies fell 21 per cent to Rs 3,830 crore in the fourth quarter as against Rs 4,851 crore in the same quarter last year. Meanwhile, provisions for loan losses too dropped 20% year-on-year to Rs 3,625 crore for the quarter under review.

Net Interest Income for the entire year 2022-23 came in at Rs 3,449.16 crore, about 20 per cent higher compared to a NII at Rs 2,869.44 in the last year.

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