PNB Q4 results 2024: Net profit jumps 160% YoY. Key highlights you should know
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.
Top takeaways from PNB Q4 results today
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:
Deposits
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.
Advances
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 Crore in March’24.
Asset quality
1] A clear indication of PNB’s success in managing its loan portfolio, the Gross Non-Performing Assets (GNPA) declined by ₹20,985 Crore to ₹56,343 Crore as of March 2024 from ₹77,328 Crore as of March 2023.
2] Net Non-Performing Assets (NNPA) declined by ₹15,786 Crore from March 2023 to ₹6,799 Crore as on March 2024.
3] Net Slippages declined by ₹8646 Crore from ₹14198 crore in FY23 to ₹5552 Crore in FY24.
Profitability
1] Total Income of the Bank was booked at ₹32,361 Crore for Q4 FY24 and ₹1,20,285 Crore for FY24, recording a growth of 18.7% and 23.6% respectively on Y-o-Y basis.
2] Total Interest Income of the Bank was ₹28,113 Crore for Q4 FY24 and ₹1,06,902 Crore for FY24, registering a Y-o-Y growth of 17.9% and 25.6% respectively.
3] Fee based income recorded a Y-o-Y growth of 8.4% from ₹5,612 Crore in FY23 to ₹6,084 Crore in FY24.
Productivity ratio
1] Domestic Net Interest Margin stands at 3.25% in Q4 FY24.
2] Global Yield on Advances improved Y-o-Y by 50 bps to 8.44% in Q4 FY24 and by 112 bps to 8.28% in FY24.
3] Business per employee, a key indicator of operational efficiency, improved to ₹23.84 Crore in March 2024 from ₹21.64 Crore in March 2023 and ₹23.08 Crore in December 2023 quarter. This improvement underscores PNB’s commitment to enhancing productivity and efficiency.
4] Business per branch improved to ₹225.25 Crore in March’24 from ₹209.53 Crore in March’23 and ₹220.51 Crore in Dec’23.
5] Net profit per employee improved to ₹8.61 lakhs in FY’24 from ₹2.57 lakhs in FY’23.
6] Net profit per branch improved to ₹81.33 lakhs in FY’24 from ₹24.88 lakhs in FY’23.
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Published: 09 May 2024, 02:56 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.