NEW DELHI: State-owned Punjab National Bank (PNB) on Thursday reported a three-fold jump in its net profit to Rs 2,223 crore for the third quarter of the financial year 2023-24.
The bank had reported a net profit of Rs 629 crore in the same quarter the previous year. The bank’s total income increased to Rs 29,962 crore during the quarter under review compared to Rs 25,722 crore in the same period the previous year, Punjab National Bank said in a regulatory filing.
The bank’s interest income increased to Rs 27,289 crore in the third quarter of the financial year 2023-24 compared to Rs 22,384 crore in the third quarter of the previous financial year.
Punjab National Bank’s gross non-performing assets (NPAs) declined to 6.24% of the gross loans at the end of December 2023 from 9.76% a year ago.
Similarly, net non-performing assets or bad loans of Punjab National Bank came down to 0.96% from 3.3% at the end of the third quarter of the previous financial year.