Punjab Nationwide Financial institution (PNB) on Wednesday posted a four-fold surge in standalone internet revenue
New Delhi:
State-owned Punjab Nationwide Financial institution (PNB) on Wednesday posted a four-fold surge in standalone internet revenue at Rs 1,255 crore within the April-June quarter, primarily because of decline in unhealthy loans and enchancment in curiosity revenue.
The nation’s second largest lender had posted a internet revenue of Rs 308 crore within the year-ago interval.
Whole revenue within the first quarter of the present fiscal rose to Rs 28,579 crore as towards Rs 21,294 crore, PNB mentioned in a regulatory submitting.
The lender’s curiosity revenue additionally elevated to Rs 25,145 crore from Rs 18,757 crore in the identical quarter a yr in the past.
PNB managing director Atul Kumar Goel mentioned the financial institution has earned highest ever quarterly revenue within the final 12 quarters.
PNB recorded a 26 per cent progress in internet curiosity revenue at Rs 9,504 crore, the best ever for the financial institution.
The financial institution’s asset high quality confirmed enchancment with gross Non Performing Belongings (NPAs) easing to 7.73 per cent of the gross advances by June 2023 from 11.2 per cent a yr in the past.
The online NPA too declined to 1.98 per cent as towards 4.26 per cent in the identical interval of the earlier yr.
Banking on restoration, Goel mentioned, the financial institution expects gross NPA would come down to six.5 per cent whereas internet NPA to remain lower than 1 per cent by the top of present monetary yr.
Because of this, provisions for unhealthy loans got here all the way down to Rs 4,374 crore in April-June FY24 as towards Rs 4,814 crore within the year-ago interval.
On the identical time, the Provisioning Protection Ratio elevated to 89.83 per cent as towards 83.04 per cent on the finish of June 30, 2022.
So far as restoration is anxious, he mentioned, the financial institution goals restoration of about Rs 22,000 crore throughout this monetary yr.
In the course of the quarter, he mentioned, the financial institution has made a restoration of Rs 5,417 crore from NPAs as towards Rs 7,057 crore within the first quarter of the final yr.
Requested about restoration from hooked up properties of Nirav Modi, he mentioned, the financial institution expects Rs 50-100 crore from sale of properties throughout the ongoing quarter.
With regard to recent addition to NPA, he mentioned, slippages had been Rs 2,258 crore throughout the quarter as in comparison with Rs 5,890 crore in the identical interval a yr in the past.
On a consolidated foundation, the financial institution reported a internet revenue of Rs 1,342 crore within the quarter led to June as towards Rs 282 crore a yr in the past.
The consolidated monetary results of the financial institution includes 5 subsidiaries and 15 associates.
The capital adequacy ratio of the financial institution improved to 15.54 per cent on the finish of June in comparison with 14.62 per cent within the year-ago interval.
About capital, he mentioned, the board has given the approval for Rs 12,000 crore fund elevating throughout the present monetary yr. Of this Rs 7,000 crore can be raised from Tier I and remaining Rs 5,000 crore from Tier II bonds.
In the course of the quarter ended on June 30, the financial institution has raised Basel III compliant Tier II bonds of Rs 3,090 crore. Additional, throughout the identical interval, the financial institution has redeemed Basel III compliant Tier II bonds of Rs 500 crore on maturity.
He mentioned additional fund elevating can be executed as per the requirement.
Requested about enterprise progress, Goel mentioned, advances would develop by 12-13 per cent whereas deposit mobilisation would see a progress of 10-11 per cent throughout FY24.
Pending settlement of the bipartite settlement on wage revision (due from November 1, 2022), an adhoc quantity of Rs 283.84 crore has been supplied throughout the quarter ended June 30, 2023 in direction of wage revision. The mixture provision held by the financial institution on this regard is Rs 743.35 crore as on June 30, 2023.
(Apart from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)
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