PNB shares gains after 160% surge in Q4 net profit

In its quarterly earnings report released for three-month period and full financial year ending March 31, 2024, the company said that its standalone net profit increased 159.8% year-on-year (YoY) to ₹3,010 crore in Q4FY24 from ₹1,159 crore in Q4FY23.

The bank’s gross non-performing assets (GNPA) ratio showed an improvement, decreasing by 301 basis points (bps) YoY to 5.73% as of March 2024 from 8.74% as of March 2023.

The interest income of the bank stood at ₹28,113 crore for the March 2024 quarter, marking a YoY growth of 17.9% compared to ₹23,848.61 crore reported in the same quarter of 2023. The net interest income (NII) also saw a 9.1% YoY increase at ₹10,363 crore in Q4FY24 compared to ₹9,499 crore in Q4FY23.

The bank recorded a total income of ₹32,361 crore for Q4FY24, as against ₹27,269 crore in the same period last year, marking a YoY growth of 18.7%.

For the full fiscal year 2024 net profit soared to ₹8,245 crore, rising 228.8% compared to ₹2,507 crore in the preceding financial year.

During FY24, NII increased 16.2% to ₹40,083 crore compared to ₹34,492 crore in FY23.

PNB Board declares dividend

The bank’s Board of Directors proposed a dividend of ₹1.5 per equity share, 75% of the face value of ₹2 each for FY24. The dividend payout is subject to approval at the upcoming 23rd Annual General Meeting, scheduled for June 29.

Shares of Punjab National Bank were trading 1.31% higher at ₹123.75 apiece on the NSE at 3:14 pm.