PNB Q2 Results: Punjab National Bank Q2 Results: Profit falls 63% YoY to Rs 411 crore on higher provisions | Popgen Tech

State-owned commercial lender () on Tuesday reported a 63% drop in standalone net profit to Rs 411 crore for the September quarter of FY23 due to higher provision for bad loans. The bank had posted a net profit of Rs 1,105 crore in Q2FY23.

The bank’s total income in the second quarter of the current fiscal rose to Rs 23,001.26 crore against Rs 21,262.32 in the September quarter a year ago, PNB said in a regulatory filing.

The bank’s net interest income rose 30.2% YoY to Rs 8,271 crore in the second quarter of FY23.

The lender’s gross Non Performing Assets (NPAs) declined to 10.48% in Q2FY23 from 13.36% in Q2FY22. While the net NPAs decreased to 3.80% from 5.49%.

In absolute terms, gross NPAs stood at Rs 87,034.79 crore at the end of the second quarter of FY23, compared to Rs 1,00,290.85 crore a year earlier. While the net NPAs stood at Rs 29,348.16 in Q2FY23 against Rs 36,934.20 in Q2FY22.

However, provisions for NPAs increased to Rs 3,555.98 crore in the second quarter of FY23 against Rs 2,692.74 crore in the year-ago period.

Global NIM of PNB improved by 61 bps to 3.00% in Q2FY23 from 2.39% in Q2FY22. While global deposits grew by 7% on a YoY basis to Rs 11,93,501 crore as of the end of September 2022 against Rs 11,15,373 crore in September’21.