The lender’s Net Interest Income grew only 2.1% from the same quarter last year to ₹10,798 crore. However, the figure is the highest that it has reported in the last six quarters.
Net profit for the period stood at ₹5,253 crore from ₹1,675 crore last year. The profitability was aided by a sharp fall in tax expenses for the lender.
PNB’s tax expenses at the end of the June quarter stood at ₹1,725 crore from ₹5,083 crore during the same quarter last year.
Asset quality for the PSU Bank was largely stable with Gross NPA at 2.78% from 2.95% in the previous quarter, while Net NPA stood at 0.28% from 0.29% in the previous quarter. In absolute terms, PNB’s Gross NPA stood at ₹35,380 crore from ₹37,124 crore in March, while Net NPA stood at ₹3,433 crore from ₹3,609 crore in the previous quarter.
Provisions for the quarter increased marginally on a sequential basis to ₹541 crore from ₹424 crore in March.
Fresh slippage addition for the quarter stood at ₹2,080 crore, significantly below the ₹2,758 crore reported during the March quarter.
PNB’s global Net Interest Margins for the quarter stood at 2.5%, down from 2.7% last year and 3 bps higher than the 2.47% reported in March. Domestic NIMs stood at 2.64%, also 20 bps lower than the 2.84% reported last year, and 3 bps higher than the 2.61% reported in March.
Shares of Punjab National Bank ended 0.75% higher on Friday at ₹106.01. The stock is down 15% so far on a year-to-date basis.
This story will be updated with more details.
