PNB net profit skyrockets by 145%, retail credit grows 14.6%, shares up 3%

The bank’s net profit shot up by a staggering 145% to ₹4,303 crore compared to ₹1,756 crore during the second quarter of the financial year 2023-24.

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The Net Interest Income (NII) increased to ₹10,517 crore from ₹9,923 during the previous year.

PNB’s total retail credit increased by 14.6% Y-o-Y to ₹2,50,149 crore, with housing loans growing 19.5%, vehicle loans growing 25.0%, agriculture Advances growing by 11.1%, and MSME Advances increasing by 8.9%.

Meanwhile, the global Net Interest Margin (NIM) is now at 2.99% for the first half of the 2024-25, and 2.92% in the second quarter of 2024-25.

The Gross Non-Performing Assets (GNPA) ratio improved by 248 basis points (bps) to 4.48%, compared to 6.96% during the same quarter of the previous year while the Net Non-Performing Assets (NNPA) ratio improved by 101 bps to 0.46% from 1.47% earlier.

The bank’s Return on Assets (RoA) improved to 1.02% from 0.46% earlier.

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PNB’s global business grew 11.93% to ₹25,20,246 crore from ₹22,51,631 crore during the same quarter of the previous year, with global deposits registering a growth of 11.33% on the same Y-o-Y basis to ₹14,58,342 crore from ₹13,09,910 crore earlier.

How did PNB’s shares perform?

Punjab National Bank shares closed in the green at ₹98.65 on the Bombay Sock Exchange after the trading session ended on Monday, October 28, 2024. This was a gain of 2.85 points or 2.97%.

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