Punjab National Bank's Profits Surge Amid Improved Asset Quality

Punjab National Bank (PNB) reported a net profit of Rs 4,508 crore for Q3 2024, doubling its profits from a year earlier. The bank's total income rose to Rs 34,752 crore, with interest income increasing as well. Asset quality improved, reducing bad loan provisions significantly.

State-owned Punjab National Bank (PNB) announced a more than twofold increase in net profit, reaching Rs 4,508 crore for the third quarter ending December 2024.

This marks a significant increase from the Rs 2,223 crore profit recorded in the same quarter last year, according to the bank's regulatory filing.

The bank's total income rose to Rs 34,752 crore, driven by an increase in interest income, which climbed to Rs 31,340 crore. Improvements in asset quality were observed as the gross non-performing assets ratio decreased to 4.09% from 6.24%.

Net non-performing assets were also reduced, dropping to 0.41% from 0.96% compared to the previous year. Consequently, the bank substantially lowered its provisions for bad loans to Rs 318 crore, down from Rs 2,994 crore.

(With inputs from agencies.)