New Delhi. Punjab National Bank’s (PNB) net profit jumped more than five times to Rs 1,159 crore in the fourth quarter of the fiscal ending March 31, 2023. The profit of the bank increased mainly due to reduction in bad loans and increase in interest income.
The bank said in a notice to the stock market on Friday that it had earned a net profit of Rs 202 crore on a standalone basis in the same quarter of the previous financial year. The total income of the bank increased to Rs 27,269 crore in the March 2023 quarter, which was Rs. 21,095 crore in the 2022 quarter.
The bank’s interest income increased from Rs 18,645 crore in the March 2022 quarter to Rs 23,849 crore in the March 2023 quarter. PNB’s gross non-performing assets (NPAs) ie bad loans as on March 31, 2023 came down to 8.74 percent of the total loans Which was 11.78 percent as on March 31, 2022. The bank’s net NPA came down to 2.72 percent in the period under review, which was 4.8 percent in March 2022.
PNB’s provisioning for its bad loans came down to Rs 3,625 crore in the fourth quarter of 2022-23, compared to Rs 4,564 crore in the same period a year ago. crore, as against Rs. 3,457 crore in the previous financial year. The board of directors of the bank has recommended a dividend of Rs 0.65 i.e. 32.5 per cent on a share of face value of Rs 2 for the financial year 2022-23.
Inputs From: Current Affairs – Adda247
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