PNB Q4 results 2024: Net profit jumps 160% YoY. Key highlights you should know

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PNB Q4 results 2024: The Punjab National Bank (PNB) has declared its standalone quarterly results for the fourth quarter of the previous financial year. In a significant display of financial growth, the PSU bank reported a net profit of ₹3,010.27 crore, marking a substantial YoY rise of nearly 160 percent against the net profit of ₹crore in Q4FY23. On a QoQ basis, PNB reported a net rise of around 35 percent in its net profit, which stood at ₹2,222.81 crore in Q3FY24.

However, the state-owned bank fell short of market expectations, as the market was anticipating PNB's net profit to the tune of ₹3,300 crore in Q4FY24. Here we list out key takeaways from the PNB results for the fourth quarter of the financial year 2023-24, highlighting the bank's financial stability and growth: 1] Savings Deposits increased to ₹4,80,298 Crore registering a Y-o-Y growth of 3.5%. 2] Current Deposits grew by ₹3,565 Crore as on March’24 to ₹72,201 Crore on Quarter-on-Quarter basis.

3] CASA Deposits increased to ₹5,52,499 Crore recording a Y-o-Y growth of 2.7%. 4] A testament to PNB's ability to attract and retain customers' funds, the bank's Retail Term Deposit (less than 2 Crores) witnessed a robust growth of 9.5% on a Y-o-Y basis, reaching ₹5,62,705 Crore in March’24. 1] Total Retail credit increased by 12.6% to ₹2,22,574 Crore in March’24.

2] The bank grew impressively under Core Retail recording a Y-o-Y growth of 15.2%. Within Core Retail Credit: a) Housing Loan grew by 14.5% to ₹93,694 Crore. b) Vehicle loan posted a growth of 25.6% to reach ₹20,692 Crore.

c) Personal Loan increased by 14.4% to ₹20,766 Crore. 3] Agriculture Advances grew by 11.3% on Y-o-Y basis to ₹1,58,188 Crore. 4] MSME Advances increased Y-o-Y by 7.0% to ₹1,39,288