PNB Q3 FY24 standalone net up 253% y-o-y at ₹2,223 crore

Aided by lower provisioning for bad loans and better operating performance, Punjab National Bank (PNB) on Thursday reported a 253 per cent increase in standalone net profit for the third quarter ended December 31, 2023 at ₹2,223 crore against ₹629 crore during the same period in previous financial year.

The latest bottom-line was 26.6 per cent higher than the net profit of ₹1,756 crore recorded in September 2023 quarter.

For the nine months period ended December 31, 2023, PNB has recorded a net profit of ₹5,234 crore, up 288 per cent over net profit of ₹1,349 crore in the same period in previous year.

Also read: HDFC Bank: Readjusting to the new normal 

In entire 2022-23, PNB had reported a net profit of ₹3348.45 crore.

PNB had earlier guided net profit of ₹6,000 crore for the current fiscal. Going by the performance so far this fiscal, PNB is on course to comfortably surpass the ₹6,000 crore net profit mark. 

Operating profit for the third quarter ended December 31, 2023 stood at ₹6,330.71 crore (₹5,715.90 crore). 

Total income for the third quarter ended December 31, 2023 at ₹29,961.65 crore (₹ 25,722.40 crore).

PNB’s stock advanced ₹3.60 or 3.52 per cent to ₹105.80 on NSE.