PNB Q3 Results: Net profit soars 103% YoY to ₹4,508.21 crore, asset quality improves; stock jumps 5% | Stock Market News
Source: Live Mint
PNB Q3 Results: Punjab National Bank (PNB) on Friday, January 31 posted strong results for the quarter ended December 2024 (Q3FY25). It reported a standalone net profit of ₹4,508.21 crore in the quarter ended December 2024, recording a substantial growth of 103 percent from ₹2,222.8 crore, in the year-ago quarter. Sequentially, it rose around 5 percent from ₹4,303 crore in the September quarter.
Net Interest Income (NII) or core income of the bank grew by 7.2 percent on a year-on-year to ₹11,033 crore, from ₹10,293 crore last year.
Its total income also jumped 16 percent to ₹34,751.7 crore versus ₹29,961.65 crore in the same period last year. On a QoQ basis, it advanced a mere 1 percent from ₹34,447.10 crore in Q2FY25.
Asset quality of the state-run lender improved during the quarter ended December 2024. PNB’s Gross Non-Performing Assets in Q3FY25 fell to ₹45,413.98 crore from ₹60,371.38 crore in the year-ago quarter and ₹47,582.25 crore in the previous quarter. Gross NPA as a percentage of gross advances (Gross NPA Ratio) also declined to 4.09 percent from 4.48 percent QoQ and 6.24 percent YoY.
Net NPA in Q3FY25 decreased to ₹4437.43 crore from ₹4674.24 crore, QoQ, while Net NPA ratio also fell to 0.41 percent from 0.66 percent, sequentially and 0.96 percent (YoY).
Other Details
There was a provision write-back of ₹285 crore in the quarter, compared to a provision of ₹288 crore in the September quarter. Provisions against NPAs stood at ₹317 crore, rising from ₹199 crore in the previous quarter.
Advances grew by 15.6 percent year-on-year and 4.9 percent sequentially, reaching ₹15.29 lakh crore. Deposits stood at ₹10.69 lakh crore, marking a 16.75 percent increase from the previous year and a 5 percent rise from the last quarter.
The credit-deposit ratio stood at 69.95 percent, improving from 69.24 percent in the same period last year and slightly higher than 69.91 percent in September.
The provision coverage ratio (PCR) remained stable at 96.8 percent, marginally up from 96.7 percent in the previous quarter.
Operating profit for the quarter stood at ₹6,620 crore, reflecting a 4.6 percent year-on-year growth but declining 3.4 percent on a sequential basis.
Post the earnings, the stock rose over 5 percent to its intra-day high of ₹101.60.
