2024-01-25 10:21:14
Punjab National Bank today released its December quarter (Q3FY24) results for the financial year 2023-24. As per the bank’s statement, its absolute net profit grew by 253% year-on-year to Rs. 2,223 crores. During the same period last year, the bank’s net profit was Rs. 629 crores.Samayam Tamil
24 The net profit of the bank for the financial year was Rs. 1,756 crore, showing an increase of 26.60% in net profit on a sequential basis. And the bank’s net interest income (NII) rose to Rs 10,293 crore during the quarter, a year-on-year growth of 12.13%. In the previous quarter, the bank’s NII stood at Rs. 9,923 crores.
Similarly, the bank recorded pre-provision operating profit (PPoP) at Rs 6,331 crore for the quarter ended December. It registered a growth of 10.75% YoY. In Q2FY24, the bank recorded a PPoP of Rs 6,216 crore.
In terms of asset quality, the bank’s GNPA ratio increased by 352 basis points on a YOY basis to 6.24 % in the current fiscal (Q3FY24) from 9.76% last fiscal. Also NNPA ratio increased by 234 basis points in Q3FY24 to 0.96 % YoY in Q3FY24.
The stock is currently trading at Rs 105.80 with a gain of 3.52% as the stock market released its quarterly results during the trading hours.
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