Punjab National Bank's Net Profit has Increased toRs2,223 Crore during Q3 FY'24, with YoY growth of 253.41%
FinTech BizNews Service
Mumbai, January 25, 2024: Punjab National Bank Announced Financial Results for the Quarter Ended 31st December 2023 today. Punjab National Bank’s Net Profit has Increased toRs2,223 Crore during Q3 FY’24, with YoY growth of 253.41%. Its Return on Assets (RoA) improved YoY by 41 bps to 0.58% in Q3 FY’24 and 33 bps to 0.46% for 9M FY’24, said Atul Kumar Goel, MD& CEO.
Return on Equity (RoE) improved YoY by 860 bps to 12.45% in Q3 FY’24 and 716 bps to 10.01% for 9M FY’24. v Net Interest Income increased by 12.13 % YoY toRs10,293 Crore in Q3 FY24. v Operating Profit was atRs6,331 Crore during Q3 FY’24 grew by 10.75 % on YoY basis. v Credit Cost improved by 61 bps to 1.26% in Q3 FY’24 from 1.87 % in Q3 FY’23. v GNPA ratio improved by 352 bps on YoY basis to 6.24 % as on December’23 from 9.76% as on December’22. v NNPA ratio improved by 234 bps on YoY basis to 0.96 % as on December’23 from 3.30% as on December’22. v Provision Coverage Ratio (including TWO) improved by 911 bps on YoY basis to 94.28 % as on December’23. v Slippage ratio improved YoY by 136 bps to 0.81 % as on December’23. v Global Business increased by 10.82% on YoY basis toRs22,90,742 Crore as on December’23.
CASA Share stands at 42.47% as on December’23. v Global Deposits grew by 9.35% on YoY basis toRs13,23,486 Crore as on December’23. v Global Advances grew by 12.90% on YoY basis toRs9,67,256 Crore as on December’23. v Core Retail Advances grew YoY by 17.6% toRs1,53,384 Crore as on December’23. v MSME Advances grew by 15.4% on YoY basis toRs1,43,983 Crore in December’23 fromRs1,24,728 Crore in December’22. v Agriculture Advances (PS) grew by 17.4% on YoY basis toRs1,16,902 Crore in December’23 fromRs99,590 Crore in December’22. v RAM share improved by 113 bps on YoY basis to 55.07% as on December’23. v Bank has achieved all the mandated targets under Priority Sector Advances. v CRISIL and ICRA have upgraded PNB’s Bonds Ratings to AA+/Stable from AA/Positive for Tier I Bonds and AAA/Stable from AA+/Positive for Tier II Bonds v PNB crossed market cap of Rs. 1 Lakh Crore in December 22.
Savings deposits increased to Rs 4,78,880 Crore as on December’23 from Rs 4,51,945 Crore as on December’22 registering a growth of 6.0% on YoY basis.
Current deposits increased to Rs 68,636 Crore as on December’23 from Rs 64,589 Crore as on December’22 registering a growth of 6.3% on YoY basis.
CASA Deposit increased to Rs 5,47,516 Crore as on December’23 from Rs 5,16,534 Crore as on December’22 registering a growth of 6.0% on YoY basis.
Total Retail increased by 19.0% YoY basis to Rs 2,14,215 Crore in December’23 from Rs 1,79,984 Crore in December’22.
Within Core Retail Credit:
• Housing Loan increased by 15.1% on YoY basis to Rs 90,579 Crore.
• Vehicle loan increased by 26.2% on YoY basis to Rs 19,440 Crore.
• Personal Loan increased by 30.9% on YoY basis to Rs 20,696 Crore.
• Agriculture Advances grew by 11.5% on YoY basis to Rs 1,54,129 Crore in
December’23 from Rs 1,38,201 Crore in December’22.
Net Profit for Q3 FY’24 was at Rs 2,223 Crore and Rs 5,234 Crore for 9M FY’24 increased by 253.4%
and 288.0%, respectively on YoY basis.
Operating Profit for Q3 FY’24 was at Rs 6,331 Crore and Rs 18,515 Crore for 9M FY’24 increased by
10.8% and 11.1%, respectively on YoY basis.
Net Interest Income for Q3 FY’24 was at Rs 10,293 Crore and Rs 29,720 Crore for 9M FY’24 increased
by 12.1% and 18.9%, respectively on YoY basis.
Total Income of the Bank for Q3 FY’24 was at Rs 29,962 Crore and Rs 87,924 Crore for 9M FY’24
recording growth of 16.5% and 25.6%, respectively on YoY basis.
Total Interest Income of the Bank for Q3 FY’24 was at Rs 27,288 Crore and Rs 78,788 Crore for 9M
FY’24 recording growth of 21.9% and 28.5%, respectively on YoY basis.
Operating Expenses declined from Rs 6,801 Crore as on Q3 FY’23 to Rs 6,636 Crore as on Q3 FY’24.
Global Yield on Advances improved YoY by 122 bps to 8.45% in Q3 FY’24 and 133 bps to 8.22% in
9M FY’24 as compared to 7.23% in Q3 FY’23 and 6.89 % in 9M FY’23 respectively.
Global Cost of Deposits increased YoY by 81 bps to 4.96 % in Q3 FY’24 and 90 bps to 4.85 % for
9M FY’24.
Global Yield on Investment improved YoY by 18 bps to 6.76 % in Q3 FY’24 and 30 bps to 6.78 % for
9M FY’24.
Business per employee improved to Rs 23.08 Crore in December’23 from Rs 20.55 Crore in
December 22.
Business per branch improved to Rs 220.51 Crore in December’23 from Rs 200.74 Crore in
December’22.
Net profit per employee improved to Rs 9.16 lakhs in Q3 FY’24 from Rs 2.54 lakhs in Q3 FY’23.
Net profit per branch improved to Rs 87.47 lakhs in Q3 FY’24 from Rs 24.83 lakhs in Q3 FY’23
Global Yield on Advances improved YoY by 122 bps to 8.45% in Q3 FY’24 and 133 bps to 8.22% in
9M FY’24 as compared to 7.23% in Q3 FY’23 and 6.89 % in 9M FY’23 respectively.
Global Cost of Deposits increased YoY by 81 bps to 4.96 % in Q3 FY’24 and 90 bps to 4.85 % for
9M FY’24.
Global Yield on Investment improved YoY by 18 bps to 6.76 % in Q3 FY’24 and 30 bps to 6.78 % for
9M FY’24.
Business per employee improved to Rs 23.08 Crore in December’23 from Rs 20.55 Crore in
December 22.
Business per branch improved to Rs 220.51 Crore in December’23 from Rs 200.74 Crore in
December’22.
Net profit per employee improved to Rs 9.16 lakhs in Q3 FY’24 from Rs 2.54 lakhs in Q3 FY’23.
Net profit per branch improved to Rs 87.47 lakhs in Q3 FY’24 from Rs 24.83 lakhs in Q3 FY’23.
Savings deposits increased to Rs 4,78,880 Crore as on December’23 from Rs 4,51,945 Crore as on December’22 registering a growth of 6.0% on YoY basis. v Current deposits increased to Rs 68,636 Crore as on December’23 from Rs 64,589 Crore as on December’22 registering a growth of 6.3% on YoY basis. v CASA Deposit increased to Rs 5,47,516 Crore as on December’23 from Rs 5,16,534 Crore as on December’22 registering a growth of 6.0% on YoY basis. v Total Retail increased by 19.0% YoY basis to Rs 2,14,215 Crore in December’23 from Rs 1,79,984 Crore in December’22. v Within Core Retail Credit: • Housing Loan increased by 15.1% on YoY basis to Rs 90,579 Crore. • Vehicle loan increased by 26.2% on YoY basis to Rs 19,440 Crore. • Personal Loan increased by 30.9% on YoY basis to Rs 20,696 Crore. • Agriculture Advances grew by 11.5% on YoY basis to Rs 1,54,129 Crore in December’23 from Rs 1,38,201 Crore in December’22. v Net Profit for Q3 FY’24 was at Rs 2,223 Crore and Rs 5,234 Crore for 9M FY’24 increased by 253.4% and 288.0%, respectively on YoY basis. v Operating Profit for Q3 FY’24 was at Rs 6,331 Crore and Rs 18,515 Crore for 9M FY’24 increased by 10.8% and 11.1%, respectively on YoY basis. v Net Interest Income for Q3 FY’24 was at Rs 10,293 Crore and Rs 29,720 Crore for 9M FY’24 increased by 12.1% and 18.9%, respectively on YoY basis. v Total Income of the Bank for Q3 FY’24 was at Rs 29,962 Crore and Rs 87,924 Crore for 9M FY’24 recording growth of 16.5% and 25.6%, respectively on YoY basis. v Total Interest Income of the Bank for Q3 FY’24 was at Rs 27,288 Crore and Rs 78,788 Crore for 9M FY’24 recording growth of 21.9% and 28.5%, respectively on YoY basis. Operating Expenses declined from Rs 6,801 Crore as on Q3 FY’23 to Rs 6,636 Crore as on Q3 FY’24.
Number of Digital Transactions increased to 461 Lakhs during 9M FY’24 from 292 lakhs during 9M FY’23 registering a growth of 58% on YoY basis. v Internet Banking Services (IBS) users increased to 414 Lakhs as on December’23 recorded 9% YoY growth as against 381 Lakh as on December’22. v Total Digital Loan Disbursed during the quarter improved to Rs 2,312 Crore as on December’23 from Rs 1,530 Crore as on September’23 registering a growth of Rs 782 Crore on QoQ basis. v Bank has launched PNB rupee Wallet App – Central Bank Digital Currency mobile app for customers. v Bank has initiated online Locker Agreement for customers through tie up with NeSL. v Facility for application of PMJJBY & PMSBY using Jan Suraksha API through PNB
