PNB's Net Profit Up By 229% To RsRs82.45 Bn

Bank's GNPA ratio improved by 301 bps on Y-o-Y basis to 5.73% as on March’24 from 8.74% as on March’23

Atul Kumar Goel, MD & CEO, PNB

FinTech BizNews Service

Mumbai, May 9, 2024: Punjab National Bank today announced financial results for the quarter and year ended 31st March 2024.

The Board of Directors have recommended a dividend of Rs1.50 per equity share (75%) for the

year ended March 31, 2024 subject to requisite approvals.

 Net Profit increased Y-o-Y by 159.8% and Q-o-Q by 35.4% to Rs3,010 Cr in Q4 FY’24 from Rs1,159

Crore in Q4 FY’23 and Rs2,223 Cr in Q3 FY’24. During FY’24, Net Profit rose to Rs8,245 Crore

recording a robust growth of 228.8% against Rs2,507 Crore posted during FY’23.

 Return on Assets (RoA) improved to 0.77% in Q4 FY’24 from 0.58% in Q3 FY’24 and 0.32% in Q4

FY’23. RoA improved Y-o-Y by 36 bps to 0.54% in FY’24 against 0.18% recorded in FY’23.

 Return on Equity (RoE) improved to 16.48% in Q4 FY’24 from 12.45% in Q3 FY’24 and 7.11% in

Q4 FY’23. RoE improved by 772 bps to 11.66% in FY’24 from 3.94% in FY’23.

 Net Interest Income (NII) increased to Rs10,363 Cr in Q4 FY’24 from Rs10,293 Cr in Q3 FY’24 and

Rs9,499 Cr in Q4 FY’23 showing an improvement of 9.1% on Y-o-Y basis. During FY’24, NII rose

by 16.2% to Rs40,083 Crore from Rs34,492 Crore in FY’23.

 Global Net Interest Margin increased by 3 bps from 3.06% in FY’23 to 3.09% in FY’24.

 Operating Profit increased by 9.4% on Y-o-Y basis to Rs6,416 Cr in Q4 FY’24 from Rs6,331 Cr in Q3

FY’24 and Rs5,866 Cr in Q4 FY’23. Operating Profit rose by 10.7% to Rs24,931 Crore in FY’24 from

Rs22529 Crore in FY’23.

 Credit Cost improved by 91 bps from 1.72% in Q4 FY’23 to 0.81% in Q4 FY’24 and by 63 bps

from 2.03% in FY’23 to 1.40% in FY’24.

 GNPA ratio improved by 301 bps on Y-o-Y basis to 5.73% as on March’24 from 8.74% as on


 NNPA ratio improved by 199 bps from 2.72% as on March’23 to 0.73% as on March’24.

 Provision Coverage Ratio (including TWO) improved by 849 bps on Y-o-Y basis to 95.39% as on


 Provision Coverage Ratio (Excluding TWO) improved by 171 bps to 87.9% from 70.8% in


 Slippage ratio improved Y-o-Y by 159 bps to 0.72% in FY’24 from 2.31% in FY’23.

 Global Business grew by 8.6% on Y-o-Y basis to Rs23,53,038 Crore as on March’24 from

Rs21,65,844 Crore as on March’23.

 Global Deposits registered a growth of 6.9% to Rs13,69,713 Crore as on March’24 from Rs12,81,163

Crore as on March’23.

 Global Advances increased by 11.2% on Y-o-Y basis to Rs9,83,325 Crore as on March’24 from

Rs8,84,681 Crore as on March’23.

 CD Ratio stands at 71.8% as on March’24 as against 69.1% in March’23 and 73.1% in Dec’23.



 Savings Deposits increased to Rs4,80,298 Crore registering a Y-o-Y growth of 3.5%.

 Current Deposits grew by Rs3,565 Crore as on March’24 to Rs72,201 Crore on Quarter-

on-Quarter basis.

 CASA Deposits increased to Rs5,52,499 Crore recording a Y-o-Y growth of 2.7%.

 CASA Share of the bank stands at 41.44% as on March’24.

 Retail Term Deposit (less than 2 Crores) witnessed a growth of 9.5% on Y-o-Y basis to

Rs5,62,705 Crore in March’24.


 Total Retail credit increased by 12.6% to Rs2,22,574 Crore in March’24.

 The bank grew impressively under Core Retail recording a Y-o-Y growth of 15.2%.

Within Core Retail Credit:

• Housing Loan grew by 14.5% to Rs93,694 Crore.

• Vehicle loan posted a growth of 25.6% to reach Rs20,692 Crore.

• Personal Loan increased by 14.4% to Rs20,766 Crore.

 Agriculture Advances grew by 11.3% on Y-o-Y basis to Rs1,58,188 Crore

 MSME Advances increased Y-o-Y by 7.0% to Rs1,39,288 Crore in March’24.

Asset Quality

 Gross Non-Performing Assets (GNPA) declined by Rs20,985 Crore to Rs56,343 Crore as

on March’24 from Rs77,328 Crore as on March’23.

 Net Non-Performing Assets (NNPA) declined by Rs15,786 Crore from March’23 to Rs6,799

Crore as on March’24.

 Net Slippages declined by Rs8646 Crore from Rs14198 crore in FY’23 to Rs5552 Crore in



 Total Income of the Bank was booked at Rs32,361 Crore for Q4 FY’24 and Rs1,20,285

Crore for FY’24, recording a growth of 18.7% and 23.6% respectively on Y-o-Y basis.

 Total Interest Income of the Bank was Rs28,113 Crore for Q4 FY’24 and Rs1,06,902 Crore

for FY’24, registering a Y-o-Y growth of 17.9% and 25.6% respectively.

 Fee based income recorded a Y-o-Y growth of 8.4% from Rs5,612 Crore in FY’23 to

Rs6,084 Crore in FY’24.

Efficiency/Productivity Ratio

 Domestic Net Interest Margin stands at 3.25% in Q4 FY’24.

 Global Yield on Advances improved Y-o-Y by 50 bps to 8.44% in Q4 FY’24 and by 112

bps to 8.28% in FY’24.

 Business per employee improved to Rs23.84 Crore in March’24 from Rs21.64 Crore in

March’23 and Rs23.08 Crore in Dec’23.

 Business per branch improved to Rs225.25 Crore in March’24 from Rs209.53 Crore in

March’23 and Rs220.51 Crore in Dec’23.

 Net profit per employee improved to Rs8.61 lakhs in FY’24 from Rs2.57 lakhs in FY’23.

 Net profit per branch improved to Rs81.33 lakhs in FY’24 from Rs24.88 lakhs in FY’23.

Capital Adequacy

 CRAR increased to 15.97% as on March’24 from 15.50% as on March’23 registering an

improvement of 47 bps.

Tier-I was at 13.17% (CET-1 improved to 11.04% from 9.86% as at Dec’23 and AT1

improved to 2.13% from 1.87% as at Dec’23) and Tier-II at 2.80% as on March’24.

Priority Sector Achievement

 Priority Sector Advances exceeded the National Goal of 40% and stands at 40.57% of


 Agriculture advances exceeded the National Goal of 18% and stands at 18.27% of


 Credit to Small & Marginal Farmers exceeded the National Goal of 10% and stands at

10.09% of ANBC.

 Credit to Weaker Sections surpassed the National Goal of 12% and stands at 13.57% of


 Credit to Micro Enterprises surpassed the National Goal of 7.50% and stands at 8.16%

of ANBC.


Financial Inclusion

 PMJDY account increased to 5 Crore 5 Lakhs as on March’24 from 4 Crore 59 Lakhs in


Digital Progress and Initiatives

 Number of Digital Transactions increased to 659 Crore during FY’24 from 408 Crore

during FY’23 registering a growth of 62% on Y-o-Y basis.

 Internet Banking Services (IBS) users increased to 423 Lakhs as on March’24 recording

a growth of 8% Y-o-Y basis from 392 Lakhs as on March’23.

 Total Digital Loan Disbursed improved by Rs4,464 Crore to Rs8,588 Crore as on March’24

from Rs4,124 Crore as on March’23.

 Facility for Digital Education loan and Digital Vehicle Loan through PNB One has

commenced in the bank.


Distribution Network

 As on 31 st March 2024, the Bank has 10,138 branches including 2 International


 The distribution of branches is Rural: 3,927 branches (39%), Semi-Urban: 2,484

branches (24%), Urban: 2,001 branches (20%) and Metro: 1,724 branches (17%).

 The bank also has 12,131 ATMs and 33,614 BCs as part of its distribution network.

Social Media Presence of the Bank: (No. of Followers)

 Facebook: 22,15,854 with Y-o-Y growth of 18.58%

 X (Twitter): 4,45,310 with Y-o-Y growth of 13.08%

 Instagram: 4,37,305 with Y-o-Y growth of 240.65%

 LinkedIn:1,36,626 with YoY growth of 19.14%

 YouTube: 1,85,000 with Y-o-Y growth of 51.64%

 Koo: 48,200 with Y-o-Y growth of 14.74%

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