Punjab National Bank (PNB) announced its financial results for the March 2024 quarter, revealing a nearly three-fold increase in net profit. The bank recorded a net profit of Rs 3,010 crore, which is the highest in the last 16 quarters. This improvement can be attributed to the rise in core income and a decline in bad loans.

The bank’s total income also witnessed a significant increase, reaching Rs 32,361 crore during the quarter compared to Rs 27,269 crore in the same period last year. The rise in total income demonstrates the bank’s ability to generate higher revenues.

Furthermore, PNB’s net interest income showed an improvement of 9.1% as it increased to Rs 10,363 crore in the March 2024 quarter from Rs 9,499 crore in the corresponding quarter of the previous year. This growth in net interest income indicates that the bank’s interest-earning assets have performed well and contributed to its profitability.

In addition to the increase in net profit and net interest income, PNB also managed to reduce its gross non-performing assets (NPAs). As of March 31, 2024, the bank’s gross NPAs stood at 5.7% of gross advances, a significant decline from the 8.7% reported at the end of March 2023. This reduction in NPAs reflects the bank’s successful efforts in managing and resolving its bad loans.

The positive financial results of Punjab National Bank indicate its strong performance and resilience in a challenging market environment. With an increase in net profit, rise in total income, improvement in net interest income, and reduction in NPAs, the bank has demonstrated its ability to navigate through difficult times and deliver value to its stakeholders.