PNB Q1 Net Profit Triples to Over ₹5,200 Crore

Punjab National Bank reported a net profit of over ₹5,200 crore for the quarter ended June 30. That is more than three times the ₹1,600 crore it earned a year earlier.

The state-run lender said wider margins and a sharp drop in bad loans drove the jump. Global Net Interest Margin improved to 2.50% from 2.47%. Gross non-performing assets fell to 2.78% of total loans from 3.78% a year ago. Net NPAs stood at 0.28%, down from 0.38%.

Total business rose 10.2% to ₹29.98 lakh crore from ₹27.19 lakh crore. CASA deposits, a cheap source of funding, climbed 7.8% to over ₹6 lakh crore. Their share of total deposits stood at 36.7% as of June 30.

On the lending side, core retail advances grew 17.5%. Vehicle loans jumped 34.4%. Housing loans rose 11.9%. Agriculture priority sector lending increased 16.4%. MSME advances were up 19.8%.

The bank reported the results on Saturday. Net NPA ratio fell to 0.28% from 0.38% a year ago.