PNB Q3 Results: Net profit soars 103% YoY to Rs 4,508.21 crore, asset quality improves; stock jumps 5%
Punjab National Bank reported a standalone net profit of Rs 4,508.21 crore for Q3FY25, up 103% year-on-year. Total income rose 16% to Rs 34,751.7 crore. Asset quality improved with Gross NPA falling to Rs 45,413.98 crore. Stock increased over 5% post-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 Rs 4,508.21 crore in the quarter ended December 2024, recording a substantial growth of 103 percent from Rs 2,222.8 crore, in the year-ago quarter. Sequentially, it rose around 5 percent from Rs 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 Rs 11,033 crore, from Rs 10,293 crore last year.
Its total income also jumped 16 percent to Rs 34,751.7 crore versus Rs 29,961.65 crore in the same period last year. On a QoQ basis, it advanced a mere 1 percent from Rs 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 Rs 45,413.98 crore from Rs 60,371.38 crore in the year-ago quarter and Rs 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 Rs 4437.43 crore from Rs 4674.24 crore, QoQ, while Net NPA ratio also fell to 0.41 percent from 0.66 percent, sequentially and 0.96 percent (YoY).
There was a provision write-back of Rs 285 crore in the quarter, compared to a provision of Rs 288 crore in the September quarter. Provisions against NPAs stood at Rs 317 crore, rising from Rs 199 crore in the previous quarter.
Advances grew by 15.6 percent year-on-year and 4.9 percent sequentially, reaching Rs 15.29 lakh crore. Deposits stood at Rs 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 Rs 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 Rs 101.60.
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