Punjab National Bank net profit grows multifold to Rs 1,864 crore in March quarter
May 19, 2023
New Delhi [India], May 19 : Punjab National Bank on Friday posted a multifold increase in its net profit to Rs 1,864 crore for the quarter ended March 31, 2023, against Rs 338.29 crore in the corresponding period the previous year.
The lender's revenues went up 31.76 per cent to Rs 28,132.23 crore for the quarter under review, against Rs 21,350.59 crore. Assets and liabilities grew 11.52 per cent to Rs 14,93,648.94 crore in the March quarter, against Rs 13,39,301.13 crore in the year-ago period.
During a virtual press briefing on Friday, Atul Kumar Goel, Managing Director and Chief Executive Officer, PNB, said, "We don't have any exposure to Go First Airlines." He said interest rates are already on peak, and that he hoped that interest rates would be steady from here.
Speaking along the lines of non-performing assets (NPA), he said, "Our recovery has increased and our NPA has decreased. We had recovered Rs 29,000 crore and for the next year, our target is to recover Rs 22,000 crore. Out of Rs 22,000 crore, we expect a recovery of Rs 533 crore from NCLT (National Company Law Tribunal) (bad loans recovery) and the remaining will come from small accounts."
He said, "We see a credit growth in the range of 12-13 per cent and deposit growth of 10-11 per cent."
In a statement shared with the exchanges, the lender posted a 27.77 per cent to Rs 14,689.55 crore for the March quarter, against Rs 11,496.85 crore in the corresponding quarter the previous year.
Interest earned during the quarter was at Rs 24,305.34 crore in the quarter under review, against Rs 190,89.93 crore in the year-ago period.
The company's board also recommended a dividend of Rs.0.65 per equity share of face value of Rs 2 each for fiscal 2022-23, subject to the approval of the shareholders. The bank's provisions for the fourth quarter (Q4) came in at Rs 3,624.7 crore, compared to Rs 4,563.6 crore in the corresponding quarter last year.
