PNB profit more than doubles to Rs 4,306 crore in second quarter

New Delhi: Punjab National Bank (PNB) on Monday reported more than two-fold jump in its profit at Rs 4,306 crore in the second quarter ended September 2024.

The state-owned lender had earned a net profit of Rs 1,756 crore in the same quarter in the previous financial year.

Total income increased to Rs 34,447 crore during the quarter under review against Rs 29,383 crore in the same quarter last year, PNB said in a regulatory filing.

The bank reported an interest income of Rs 29,875 crore during the quarter, higher than Rs 26,355 crore in the same period a year ago.

As regards asset quality, the bank witnessed improvement with gross Non-Performing Assets (NPAs) declining to 4.48 per cent of the gross loans by the end of September 2024 from 6.96 per cent a year ago.

Similarly, net NPAs or bad loans moderated to 0.46 per cent from 1.47 per cent at the end of the second quarter of the previous fiscal.

On a consolidated basis, the bank's profit more than doubled to Rs 4,714 crore as against Rs 1,990 crore in Q2FY24.

During the quarter, the bank made floating provision of Rs 350 crore in line with the board approved policy, it said.

As on September 30, it said, the bank is holding floating provision of Rs 500 crore.

The Provisioning Coverage Ratio (including Technical Written off accounts) as at September 30, 2024 rose to 96.67 per cent from 91.91 per cent at the end of same quarter a year ago.