PNB Posts Record Profit in the December Quarter

Public sector lender Punjab National Bank (PNB) posted strong growth in the December quarter, with its net profit rising 13 percent to ₹5,100 crore. The bank said this was the highest profit it has ever recorded in a single quarter. The improvement was largely driven by a significant reduction in non-performing assets (NPAs). In the corresponding quarter last year, PNB had reported a profit of ₹4,508 crore.

Encouraged by these financial results, PNB aims to consistently achieve quarterly profits of over ₹5,000 crore going forward, said Managing Director and CEO Ashok Chandra. During the same period, the bank’s total income increased from ₹34,752 crore to ₹37,253 crore, according to information submitted to regulatory authorities.

As of December 31, the gross NPA ratio declined from 4.09 percent to 3.19 percent, while net NPAs fell from 0.41 percent to 0.32 percent. The reduction in bad loans also led to a sharp fall in provisioning, which came down from ₹1,341 crore in the year-ago period to ₹318 crore during the quarter, the bank said.