Punjab National Bank's Q1 net profit surges by 159 per cent to Rs 3,252 crore

NEW DELHI: Government-owned Punjab National Bank (PNB) on Saturday reported a 159 per cent surge in its net profit to Rs 3,252 crore for the April-June quarter of 2024.25 compared to the corresponding figure of Rs 1,255 crore in the same quarter of 2023-24.

The public sector bank's net interest income (NII) during the quarter rose by 10.23 per cent to Rs 10,476 crore from Rs 9,504 crore in the same period last year, according to a filing with the stock exchanges.

PNB also recorded an improvement in its asset quality with gross non-performing assets (NPA) declining to 4.98 per cent of total loans as on June 30, 2024 from 7.73 per cent as in June 2023.

As part of its strategy to improve profitability, PNB has been focusing on expanding retail, agriculture, MSME (RAM) portfolio, extending good corporate loans, controlling slippages and improving recovery, a senior official said.

The Delhi-headquartered bank also has plans to add another 150 branches to its network of 10,136 branches across the country. PNB also has plans of opening an office in Dubai during the current financial year.

Currently, the bank has overseas operations in the UK, Bhutan and Nepal. The bank also has a branch in IFSC GIFT City Gandhinagar as the bank is focusing on improving its foreign exchange income.

PNB had also signed an MoU with Indian Renewable Energy Development Agency (IREDA) for a collaboration in the field of lending in the Renewable Energy sector.

With this step, both institutions will lend to those companies who are engaged in promoting green energy solutions in the country which would also enable India to achieve its global commitments to fight climate change.