On July 27, public sector lender Punjab National Bank reported a net profit of Rs 3,252 crore for the quarter ending June 30, 2024, marking a 159 percent increase from the previous year. The bank’s net interest income reached Rs 9,504.3 crore, reflecting a 10.2 percent year-on-year growth. The bank’s gross non-performing assets (NPAs) decreased to 4.98 percent from 5.73 percent in the previous quarter. Additionally, the net non-performing assets (NNPA) improved to 0.82 percent compared to 5.73 percent a year earlier. Check Net Profit of all Banks June 2024 Quarter.
The state-owned bank reported a 4.4% year-on-year increase in savings deposits, reaching Rs 4,84,377 crore. Current deposits and CASA deposits amounted to Rs 64,702 crore and Rs 5.49 lakh crore, respectively, for the June quarter. The bank’s net non-performing assets (NNPA) fell by Rs 11,199 crore, totaling Rs 5,930 crore as of June 2024, down from Rs 17,129 crore a year earlier. Additionally, the bank announced in an exchange filing that its global business grew by 10.03% year-on-year, with global deposits increasing by 8.50% over the same period. Check Net Profit of all Banks June 2024 Quarter.
Other key highlights
- Slippage ratio improved by 43 bps YoY to 0.76% as of June 2024 from 1.19% as of June 2023.
- Credit Cost improved by 167 bps year-on-year to 0.32% in Q1FY25 from 1.99% in Q1FY24
- The total retail credit increased by 14.4% YoY to Rs 2.35 lakh crore in June 2024 and the bank grew under core retail advances recording a YoY growth of 15.5%.
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