PNB Q2 Results: Net profit rises multifold, asset quality improves; here's how the stock is expected to open tomorrow

livemint.com:

PNB Q2 Results: Punjab National Bank (PNB) announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Thursday, October 26, beating D-Street estimates with a multifold growth of 327 per cent in net profit to ₹1,756 crore, compared to ₹411.3 crore in the corresponding period last year. The state-run lender's net-interest income (NIIs) – the difference between interest earned and interest expended- in the second quarter of current fiscal rose 20 per cent to ₹9,923 crore, compared to ₹8,270.7 crore in the year-ago period. The bank's asset quality for the quarter ended September 2023 improved on a sequential basis.

PNB’s gross non-performing assets (NPA) during Q2FY24 decreased to ₹65,563.12 crore compared to ₹70,899.34 crore in the preceding April-June quarter. The net NPA also fell to ₹13,114.12 crore from ₹17,129.47 crore in the June quarter of current fiscal. The Gross NPA as a proportion of gross advances decreased to 6.96 per cent in Q2FY23 from 7.73 per cent in Q1FY24.

The Net NPA as a proportion of net advances declined to 1.47 per cent in the September quarter from 1.98 per cent in the June quarter. The public-sector lender's global business increased 11.26 per cent to ₹22,51,631 crore in the September quarter as against ₹20,23,713 crore in the year-ago period. The bank's savings deposits increased to ₹4,71,238 crore in Q2FY23 from ₹4,51,707 crore, while current deposits were at ₹67,038 crore.