PNB Q2 results: Net profit surges 327% to Rs 1,756 cr, gross NPAs at 6.9%

PNB Q2 results: The bank's gross non-performing assets (NPAs) fell to 6.96% as of September 30, as compared to 7.73% in the previous quarter

Public lender Punjab National Bank (PNB) on Thursday reported a 327 per cent surge in its standalone net profit to Rs 1,756.13 from Rs 411.27 crore in the same quarter last year. As compared to Rs 1,255.41 crore in the previous quarter, the net profit was up 39.8 per cent.

The bank's total interest earned during the quarter surged 30.7 per cent to Rs 26,354.92 crore from Rs 20,154.02 crore in the same quarter last year.

The bank's gross non-performing assets (NPAs) fell to 6.96 per cent as of September 30, as compared to 7.73 per cent in the previous quarter. In the July-September quarter of 2022, the gross NPAs were 10.48 per cent. In absolute terms, GNPAs were Rs 65,563.12 crore at the end of Q2FY24.

The net NPAs fell to 1.47 per cent from 1.98 per cent in the previous quarter. In the same quarter last year, net NPAs were 3.8 per cent. The bank had net NPAs worth Rs 13,114.12 crore at the end of September 2023.

The bank's return on assets jumped from 0.34 per cent in the previous quarter to 0.48 per cent in the last quarter. It was 0.12 per cent in Q2FY23.

At 1:55 pm on October 26, PNB's shares were trading 1.35 per cent in the red at Rs 68.51 apiece on BSE.